Your client is currently taxed for FICA at 7.65 percent; however, they are considering opening their own business. What would be the new tax rate for FICA?

Name: Your client is currently taxed for FICA at 7.65 percent; however, they are considering opening their own business. What would be the new tax rate for FICA?
Brand: Quizplus
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Question

Quizplus · Accepted Answer

FICA for employees are 7.65 percent, those who are self-employed have a FICA rate of 15.3 percent. This is a combination of 12.40 percent Social Security tax and 2.9 percent Medicare tax.

Your Client Is Currently Taxed for FICA at 7