Greg receives wages from an employer in the amount of $100,000. Greg also had earnings from self-employement of $25,800. Determine the amount of self-employment earnings that are subject to the FICA and calculate the self-employment taxes that Greg is responsible for.
How are Self-employed workers impacted by the FICA rules? What are the rates of tax that these individuals pay for OASDI and HI?
1) The amount of self eployment earing under FICA is $23,826.30 ie 92.35% of the total self employment earning. ($25,800*92.35%)
2) The self employment tax that Greg is responsible for is $3645.42 ie (15.3% *23,826.30).
3)Following are the impact of FICA rules on self employed workers are:
a. Self employed worker needs to pay the tax whereas in case of emplyment employer pay the tax.
b. Sef emplyed person needs to pay tax @ 15.3% whereas tax on wages is 7.65%
4) The FICA tax rate for employers is 7.65% ie 6.2% for OASDI and 1.45% for HI.
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