The Social Security and Medicare taxes are the same rates — 6.2% and 1.45%, respectively. But without a traditional employer in the picture, you'll be left to pay both halves of these by yourself.

The self-employment tax rate — a combination of Social Security and Medicare taxes — is 15.3%. You'll use Schedule C to calculate net earnings and Schedule SE to calculate how much tax you owe.

The self-employment tax rate is 15.3% (12.4% for Social Security and 2.9% for Medicare). For 2024, the first 168,600 of self-employment income is subject to Social Security tax since there is an ...

Currently, the Social Security tax rate is 6.2% for the employer and 6.2% for the employee. Medicare taxes are also split equally between the employer and the employee, with a total tax rate of 2.9%.

Money collected through FICA taxes isn’t directly funneled into Social Security and Medicare benefits ... the aging population and declining birth rates have raised concerns about the long ...

Together, these make up a tax rate of 7.65% for FICA taxes ... Employees who are exempt from FICA won’t have to pay Social Security of Medicare tax. However, they won’t receive the benefits ...

For 2025, the standard Medicare Part B monthly rate is $185. But you will pay higher rates ... determines your IRMAA based on the modified adjusted gross income on your tax return. If the Social ...

The new Department of Government Efficiency now has access to a federal system responsible for $6 trillion in annual payments ...

There’s a rumor circulating that Social Security is headed toward bankruptcy. And thankfully, that rumor isn’t true. Social ...

President Donald Trump has pledged to end taxes on overtime pay, as well as other things like tips and Social Security.