2011 Self-Employment Tax
The tax supporting Old Age, Survivors, and Disability Insurance (OASDI) and Medicare is collectedfor employees under the Federal Insurance Contributions Act (FICA) and for self-employed individuals under the Self-Employment Contributions Act. The total amount is the same for 2010, but under FICA the tax is split between employer and employee. The tax for OASDI applies only to earned income up to the wage base. No limit in the case of tax for Medicare (HI).
Note the reduction in the employee’s amount for 2011.
2010
|
OASDI |
Medicare |
|||
|
2010 |
Tax Rate |
Wage Base |
Tax Rate |
Wage Base |
|
Employee |
6.2 % (employee) 6.2% (employer) |
106,800 |
1.45 % (employee) 1.45% (employer) |
No limit |
|
Self-employed |
12.4 % |
106,800 |
2.9% |
No limit |
2010 Combined Tax Rate 15.3 %
2011
| OASDI | Medicare | |||
| 2011 | Tax Rate | Wage Base | Tax Rate | Wage Base |
| Employee | 4.2 % (employee)
6.2% (employer) |
106,800 | 1.45 % (employee)
1.45% (employer) |
No limit |
| Self-employed | 10.4 % | 106,800 | 2.9% | No limit |
