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The employer and employee each pay 1.45% into Medicare (and OASDI 6.2%) at these salaries.
by votepaunchy 8y ago
The employer and employee each pay 1.45% into Medicare (and OASDI 6.2%) at these salaries.
- scarface74 8y agoSelf Employment taxes is one reason I never considered doing side work. Taxes would total almost 50- (Federal 28%, state 6%, SSA 12.4%, Medicare 2.8%). Now, between the tax cut that makes our marginal tax rate 24%, and that my primary job puts me over the social security maximum, my total taxes would be 32.8%. But I still have a magic number that no one has been willing to reach to make side work worth it for me.
- icedchai 8y agoThe nice thing about side work is you can write tons of stuff off as “business expenses.” Your actual taxes are a lot less than you think because of all these write offs.