This is contract between an employer and an independent contractor to perform data entry services for employer.
Employment Independent Contractor Withholding Calculator
State:
Multi-State
Control #:
US-INDC-10
Format:
Word;
Rich Text
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How to fill out Data Entry Employment Contract - Self-Employed Independent Contractor?
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FAQ
The self-employment tax rate is 15.3%. The rate consists of two parts: 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).
What is the Self-Employment Tax? The self-employment tax rate is 15.3% (12.4% for Social Security tax and 2.9% for Medicare). The self-employment tax applies to your adjusted gross income. If you are a high earner, a 0.9% additional Medicare tax may also apply.
Paying taxes as a 1099 worker As a 1099 earner, you'll have to deal with self-employment tax, which is basically just how you pay FICA taxes. The combined tax rate is 15.3%. Normally, the 15.3% rate is split half-and-half between employers and employees.
The IRS taxes 1099 contractors as self-employed. And, if you made more than $400, you need to pay self-employment tax. Self-employment taxes include Medicare and Social Security taxes, and they total 15.3% of the net profit on your earnings as a contractor (not your total taxable income).
Self-employment taxEmployers usually withhold 7.65% from each paycheck, and then match that to pay the required 15.3% FICA tax. Self-employed individuals pay the entire 15.3% by themselves, and are then able to deduct 7.65% that would have been paid by a traditional employer on their behalf.