Posted by Tom in TN on February 07, 2014 at 07:10:32 from (70.210.18.97):
In Reply to: Re: 2014 tax world posted by Bob Bancroft on February 07, 2014 at 06:55:59:
Bob,
The Federal Government implemented a tax reduction for 2012 that was supposed to spur the economy. They reduced the employEE tax rate for Social Security from 6.2 percent to 4.2 percent for employed or self-employed individuals.
Consequently, you, as a self-employed individual, paid a total of 10.4 percent into Social Security instead of the 12.4 percent you normally pay. (4.2% employEE, plus 6.2% employER as a self-employed person).
You also paid 2.9 percent into the Medicare tax, resulting in a total tax of 13.3 percent instead of the 15.3 percent that you normally pay.
That 2 percent reduction was only for 2012 and went away on 1/1/13, so you are back to your normal Social Security / Medicare tax rates.
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