Published 9 days ago

Self-employment tax: A refresher on how it works - WCS - Business Consulting Services in Cecil County MD

Summary by WCS

If you own a growing, unincorporated small business, you may be concerned about high self-employment (SE) tax bills. The SE tax is how Social Security and Medicare taxes are collected from self-employed individuals like you. SE tax basics The maximum 15.3% SE tax rate hits the first $168,600 of your 2024 net SE income. The 15.3% rate is comprised of the 12.4% rate for the Social Security tax component plus the 2.9% rate for the Medicare tax comp…

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Self-employment tax: A refresher on how it works - WCS - Business Consulting Services in Cecil County MD

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