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by eurleif
4125 days ago
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>As an independent contractor you are responsible for 100% of your FICA tax (social security and medicare tax). You can deduct half of the self-employment tax from the gross income on your income tax. So, for example, if your income tax rate were 25%, you would effectively pay 87.5% of FICA, not 100%. There may also be deductions on state taxes. |
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