self-employment tax
- A tax on the net income of self-employed individuals used to fund Social Security and Medicare, consisting of a percentage up to a specific limit, with an additional percentage applied without limit, declared on Schedule SE of the income tax return
- As a freelancer, she calculated her self-employment tax for Social Security and Medicare contributions.
- Schedule SE must be filled to report the self-employment tax on his income tax return.
- The accountant advised about the need to save for self-employment tax.
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