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The deduction is different for self-employed individuals. Self-employed members are asked to pay 15.3% contributions out from their taxable income. The 15.3% contribution covers both Medicare as well as other Social Security Benefits. The 15.3% is required up to first $87,900 of income and a 2.9% is required for earnings above $87,900. If we are to analyze scenario we can plainly see that members who are self-employed tend to pay a much higher contributions compared to those employed members. The reason for this is that self-employed members can deduct half of their federal self-employment taxes from their total income when they are to pay their federal income tax.
For question regarding your contributions, Social Security has a hotline which you may try to contact or you may visit Social Security Offices in your area.
For suggestions and comments kindly visit Social Security Attorney
Jinky C. Mesias is a graduate of Bachelor of Arts and Sciences in Business Administration Major in Business Management. She is at present an Associate Manager of a Life Insurance Corporation and a freelance writer.