What is the self-employed person's FICA tax rate for 2018 and 2019?

2018 FICA Tax Rate for Self-Employed

The self-employed person's FICA tax rate for 2018 (January 1 through December 31, 2018) is 15.3% on the first $128,400 of net income plus 2.9% on the net income in excess of $128,400. In other words, the self-employed person's FICA tax rate for 2018 includes all of the following:

  • the employee's portion of the Social Security tax, which is 6.2% of the first $128,400 of net income
  • the employer's portion of the Social Security tax, which is 6.2% of the first $128,400 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)

A self-employed person having net income of exactly $128,400 in 2018 must remit FICA taxes of $19,645.20 ($128,400 X 15.3%).

2019 FICA Tax Rate for Self-Employed

The self-employed person's FICA tax rate for 2019 (January 1 through December 31, 2019) is 15.3% on the first $132,900 of net income plus 2.9% on the net income in excess of $132,900. In other words, the self-employed person's FICA tax rate for 2019 includes all of the following:

  • the employee's portion of the Social Security tax, which is 6.2% of the first $132,900 of net income
  • the employer's portion of the Social Security tax, which is 6.2% of the first $132,900 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)

A self-employed person having net income of exactly $132,900 in 2019 must remit FICA taxes of $20,333.70 ($132,900 X 15.3%).

There is also a Medicare surtax that applies to higher income taxpayers. Information on the Medicare surtax and other income tax information can be found at www.irs.gov.

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