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Self Employed Contributions Act – The business owner’s version of the FICA tax that employees pay. Like FICA, it is made up of your “contributions” to both the Social Security and Medicare programs. However, the basic tax rate for the self-employed under SECA is 15.30 percent — twice the 7.65 percent rate that employees must pay on their paychecks as FICA tax — to reflect the fact that employees pay one-half the FICA tax and employers pay the other half.
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