Self-Employment Contributions Act (SECA)

URI: https://gptkb.org/entity/Self-Employment_Contributions_Act_(SECA)
GPTKB entity
Statements (24)
Predicate Object
gptkbp:instanceOf gptkb:United_States_federal_law
gptkbp:administeredBy gptkb:Internal_Revenue_Service
gptkbp:affects independent contractors
sole proprietors
members of LLCs taxed as partnerships
partners in partnerships
gptkbp:appliesTo self-employed individuals
gptkbp:codifiedIn gptkb:Internal_Revenue_Code
gptkb:26_U.S.C._§_1401_et_seq.
gptkbp:dateEnacted 1954
gptkbp:enactedBy gptkb:United_States_Congress
gptkbp:form gptkb:IRS_Schedule_SE_(Form_1040)
https://www.w3.org/2000/01/rdf-schema#label Self-Employment Contributions Act (SECA)
gptkbp:maximumWageBase $160,200 for Social Security (as of 2023)
gptkbp:noMaximumWageBase Medicare portion
gptkbp:purpose fund Social Security and Medicare programs
gptkbp:regulates self-employment tax
gptkbp:relatedTo gptkb:Federal_Insurance_Contributions_Act_(FICA)
gptkbp:requires self-employed individuals to pay Social Security tax
self-employed individuals to pay Medicare tax
gptkbp:taxStatus 12.4% for Social Security (as of 2023)
2.9% for Medicare (as of 2023)
gptkbp:bfsParent gptkb:Federal_Insurance_Contributions_Act_(FICA)_taxes
gptkbp:bfsLayer 6