It is similar to the Social Security and Medicare taxes withheld from the pay of most wage earners.Įmployers calculate Social Security and Medicare taxes of most wage earners. Self-employment tax is a tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves. Other information may be appropriate for your specific type of business.
The list of items below is not all-inclusive. In the article below, all references to self-employment tax refer to Social Security and Medicare taxes only and do not include any other taxes that self-employed individuals may be required to file.
