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It’s important to note that only the first $168,600 of your earnings is subject to the social security tax, while any income above that is only taxed for medicare at 2.9%.

It is similar to the social security and medicare taxes withheld from the pay of most wage earners. Do i pay the full 15.3% myself File schedule c to report business income and deductions, then use schedule se to compute se tax The combined se tax rate is 15.3% (12.4% social security up to the 2024 wage base of. That rate is the sum of two parts A 12.4% social security tax rate and a 2.9% medicare tax rate.