TeachMeFinance.com - explain Self-Employment Contribution Act Payroll Tax
Self-Employment Contribution Act Payroll Tax The term 'Self-Employment Contribution Act Payroll Tax ' as it applies to the area of Medicare in the United States can be defined as ' Medicare's share of SECA is used to fund the HI Trust Fund. In fiscal year 1996, self-employed individuals contributed 2.9 percent of taxable annual income, with no limitation. net income of most self-employed persons to provide for the OASDI and HI programs'.
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