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发帖数: 3 | 1 For 2013, the maximum taxable social security income for employees on wages
is $113,700, and for self employed individuals it is also $113,700 (though
obviously at a higher rate).
Suppose a person is a full time employee for part of 2013 (thus receiving W2
wages), then leaves that job and becomes self employed, thereby earning
income as a self-employed independent contractor for the rest of 2013. To
make a concrete scenario, assume the W2 wages were $75,000 and the total
1099 income is also $75,000.
Is my following calculation correct for SS Tax ?
6.2% on the $75,000 in W2 wages, then 12.4% on $38,700 of the 1099 income (=
$113,700 - $75,000). The rest of the 1099 income for the year ($36,300) is
not subject to SS tax.
Thanks a lot for your help ! |
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