What is an independent contractor's yearly contribution to the U. S. Social Security
tax on an income of 40,000 $/year?
FICA Taxes
Social Security Medicare
12.4%
2.9%
employer exployee employer employee
6.2% 6.2% 1.45%
1.45%
A. $2480
B. $4960
C. $1160
D. $580

ANSWER OFR QUESTION 1:

Your answer is Social Security Medicare

Independent contractors pay Social Security and Medicare taxes as self-employment taxes. The self-employment tax rate for independent contractors is 15.3 percent as of the 2014 tax year. You owe self-employment taxes as an independent contractor only if you have a net profit of more than $400 from self-employment income.

ANSWER FOR QUESTION 2:

Your answer is B

Your household employee must contribute 6.2% for Social Security tax and 1.45% for Medicare tax. Withhold your employee’s contribution from their wages and contribute an employer match. As a household employer, you must also contribute 6.2% for Social Security tax and 1.45% for Medicare tax.

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