The self-employment tax rate is double the rate of

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The self-employment tax rate consists of both Social Security and Medicare taxes, which are each charged at a rate of 6.2% and 1.45%, respectively. Since self-employed individuals must pay both the employer and employee portions of these taxes, their total rate is double that of employees who only pay the employee portion of Social Security and Medicare taxes. FUTA and SUTA taxes are not related to self-employment taxes, and property taxes are a separate type of tax altogether.

The Self-Employment Tax Rate Is Double the Rate of