self-employment tax

self-employment tax
The 15.3% tax that the self-employed must pay on their incomes to cover both employee and employer portions of Federal Insurance Contribution Act taxes.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.

self-employment tax
Social Security and Medicare taxes on net self-employment income that is a percentage of an individual's earned income up to a certain limit (called the Social Security Wage Base) that increases each year, and then a lower percentage of wages without limit. The tax is reported on Schedule SE of the individual's income tax return.
Category: Business, LLCs & Corporations → Business Accounting, Bookkeeping & Finances
Category: Business Cash Flow Problems & Bankruptcy
Category: Business, LLCs & Corporations → Business Tax & Deductions
Category: Personal Finance & Retirement → Taxes → Tax Audits

Nolo’s Plain-English Law Dictionary. . 2009.

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