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Do self-employed people pay FICA

Updated: 9/18/2023
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13y ago

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Yes self employed taxpayers pay taxes on the NET profit of the business operation. The self employment taxes (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax.

If you are a self employed taxpayer then you are responsible for all of your own FICA self employment taxes of 15.3% plus any income taxes on your net profit from your business operation at your marginal tax rate.

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13y ago
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Q: Do self-employed people pay FICA
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