The self-employed person's FICA tax rate for 2013 is 15.3% on the first $113,700 of net income and then 2.9% on the net income that is in excess of $113,700.

The self-employed person's FICA tax rate for 2013 consists of the following:

  • the employee's portion of the Social Security tax, which is 6.2% of the first $113,700 of net income

  • the employer's portion of the Social Security tax, which is 6.2% of the first $113,700 of net income

  • the employee's portion of the Medicare tax, which is 1.45% of all net income (no cap or limit on net income)

  • the employer's portion of the Medicare tax, which is 1.45% of all net income (no cap or limit on net income)

In other words, the self-employed person's FICA tax rate for the year 2013 consists of the Social Security tax of 12.4% (6.2% + 6.2%) of the first $113,700 of net income plus the Medicare tax of 2.9% (1.45% + 1.45%) of every dollar of net income. On the net income up to $113,700 the self-employed person's FICA tax will be 15.3% (12.4% of Social Security tax + 2.9% of Medicare tax).

In addition, there is a Medicare surtax of 0.9% that applies to the net income in excess of $200,000 for singles and $250,000 for couples filing jointly. For more information on the Medicare surtax, see the website IRS.gov.

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