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Need Some Deductions for 2011?
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Updated for 2011
Self-Employment Tax
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Self-Employment Tax Rate
UPDATE: For 2011, the employee's share of social security tax was reduced 2%, to 4.2% (.042). As of this writing, this reduction was extended for two months in 2012.
Therefore, the self-employment tax rate for 2011 is 13.3% (15.3% minus 2%)and is a combination of two rates:
- The social security rate of 10.4%
- The Medicare rate of 2.9% (
The Social Security Wage Base and Medicare Taxes
For 2011 is the maximum wage base for social security taxes is $106,800.
Unlike social security taxes, which applies to a maximum amount of earnings ($106,800 for 2011) then stops, there is no earnings ceiling for Medicare taxes. The Medicare rate is applied to all earnings without limit.
Next:
Self-Employment Tax: Deduction for One Half of Self-Employment Tax; Deductions for Retirement Plans
Related Links
- What is Self-Employment Tax?
- Self-Employment Tax Rate
- Earnings Limitation for Social Security Tax
- Income From a Job and Self-Employment
- Who Pays Self-Employment Tax?
- Self-Employment Tax for Schedule C Filers
- What Are Net Earnings from Self-Employment?
- Computing Net Earnings From Self-Employment-Schedule C Filers
- When to Pay Self-employment Tax
- More Than One Business
- Net Operating Loss Deduction
- Personal Exemption and Self-Employment Tax
- Items Not Included in Self-Employment Income
- When to File Schedule SE
- Married Couples and Self-Employment Tax
- Community Property States
- Retirees and Self-Employment Tax
- Business Interruption Insurance Proceeds
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