Self-Employment Contributions Act tax

URI: https://gptkb.org/entity/Self-Employment_Contributions_Act_tax
GPTKB entity
Statements (29)
Predicate Object
gptkbp:instanceOf gptkb:United_States_federal_law
gptkbp:abbreviation gptkb:SECA_tax
gptkbp:additionalRate 0.9% Medicare surtax above $200,000 (single)
gptkbp:administeredBy gptkb:Internal_Revenue_Service
gptkbp:appliesTo independent contractors
self-employed individuals
sole proprietors
partners in partnerships
gptkbp:appliesToIncomeAbove $400 net earnings
gptkbp:codifiedIn gptkb:Internal_Revenue_Code
gptkb:26_U.S.C._§_1401
gptkbp:compatibleWith corporate employees
gptkbp:dateEnacted 1954
gptkbp:deductiblePortion half deductible as adjustment to income
gptkbp:differenceFromFICA paid entirely by self-employed individual
gptkbp:enactedBy gptkb:United_States_Congress
https://www.w3.org/2000/01/rdf-schema#label Self-Employment Contributions Act tax
gptkbp:maximumWageBase $160,200 for Social Security (2023)
gptkbp:noMaximumWageBase Medicare portion
gptkbp:payer self-employed taxpayer
gptkbp:purpose fund Medicare
fund Social Security
gptkbp:rating 12.4% for Social Security (2023)
15.3% total (2023)
2.9% for Medicare (2023)
gptkbp:relatedTo gptkb:Federal_Insurance_Contributions_Act_tax
gptkbp:reportsTo gptkb:Schedule_SE_(Form_1040)
gptkbp:bfsParent gptkb:SECA_tax
gptkbp:bfsLayer 5