Self-Employed Contributions Act - SECA

The video tutorial explains the obligations of self-employed individuals under the Self-employed Contribution Act (SECA). It highlights the requirement for self-employed business owners to pay both the employee and employer portions of payroll taxes, which fund Medicare and Social Security. The tutorial details the current tax rate of 15.3% on profits, with 2.9% for Medicare and 12.4% for Social Security. Unlike employees of other businesses, self-employed individuals must cover the full tax amount themselves.

How does the payment of payroll taxes affect the benefits received from Social Security and Medicare?

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What is the obligation of self-employed individuals regarding payroll taxes?

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Describe the purpose of the Self-employed Contribution Act in relation to FICA.

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What are the current rates for payroll taxes that self-employed individuals must pay?

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Explain the difference between how employees and self-employed individuals pay payroll taxes.

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