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Friday, Feb 11, 2011  |  Written by Rich White  |  ( 0)
Self-employed people normally pay a self-employment tax equal to 12.4% of net income, a rate that equals the total FICA contributions for Social Security paid by both employed workers and employers. For 2011, the self-employment tax will be calculated on a Social Security wage base of $106,800. The tax relief law enacted in December of 2010 cuts the self-employment rate by 2% (to 10.4%) for 2011...

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