How can I pay into SSA if I own my own business?

March 11, 2020

From the New York Times Reader questions:

I own my own business. Is it possible for me to “pay into” Social Security?

Assuming you are paying self-employment taxes, you already are contributing. The self-employment tax, paid in lieu of the payroll tax that employers split with employees, is 15.3 percent, with 12.4 percent going to Social Security and 2.9 percent to Medicare.

Self-employed people pay double the rate that they would as employees, but can deduct half the cost from income taxes when they calculate their adjusted gross income.

Business owners who are incorporated pay Social Security taxes as employees. More information is available from the I.R.S.

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