What Social Security Tax would a self-employed individual pay on an annual salary of $75,000?$4,650$11,475$7,500$10,000
Question
Solution 1
The Social Security tax rate for self-employed individuals in 2021 is 12.4%. To calculate the Social Security tax on a $75,000 salary, you would do the following:
Convert the tax rate from a percentage to a decimal: 12.4% = 0.124
Multiply the salary by the tax rate: $75,000 * 0.124 = $9,300
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