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FICA #TAX STABLE

For self-employed persons in 2016, the Social Security tax is 12.4% on the first $118,500 of self-employed income (max. tax of $14,694.00) plus 2.9% on the first $200,000 of self-employment income, plus 3.8% on all self-employment income exceeding $200,000.  Self-employed persons can still deduct 50% of their self-employment tax “above-the-line” in arriving at adjusted gross income.

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