Self-employed workers pay twice as much for Social Security payroll taxes compared to employed workers.

Name: Self-employed workers pay twice as much for Social Security payroll taxes compared to employed workers.
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Question

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Self-employed workers are responsible for paying both the employee and employer portion of Social Security payroll taxes (currently 12.4% of their earnings), while employed workers only pay the employee portion (currently 6.2%).

Self-Employed Workers Pay Twice as Much for Social Security Payroll