If an individual is self-employed and considered an independent contractor, what percent of Social Security and Medicare taxes is he or she required to pay relative to salaried individuals?

Question

Quizplus · Accepted Answer

Self-employed individuals are responsible for paying 100% of their Social Security and Medicare taxes, known as the self-employment tax. This contrasts with salaried employees, where the employer pays half of these taxes.

If an Individual Is Self-Employed and Considered an Independent Contractor