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The Social Security tax rate is 12.4%, while the Medicare tax rate is 2.9% – for a total self-employment tax rate of 15.3%. However, unlike FICA taxes, which are evenly split between the employer and employee (7.65% each), self-employed people have to pay the...
Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2024 • January 22, 2025 1:58 PMOVERVIEWLearn the difference between gross vs net income, and how each affects your tax payments. TABLE OF CONTENTS What is gross income? What is Adjusted Gross ...