Here’s how it works: Social Security tax rate: 12.4% Medicare Tax rate: 2.9% Total self-employment tax: 15.3% When you have a regular employer, your employer usually pays for half of these taxes.

and "the self-employment tax rate is 15.3% on net earnings," as opposed to the 7.65% employees would pay. The good news, however, is that the IRS "treats the employer portion of the self ...

Another new thing for contractors — self-employment tax! The self-employment tax rate is 15.3% of income, including 12.4% for Social Security and 2.9% for Medicare. As an employee, your employer ...