MN2V Posted December 18, 2010 Report Share Posted December 18, 2010 I see that the bill passed so now employees get a one year 2% tax break on Social Security withholding...Do self-employed persons also get an additional break? I have seen nothing on this subject yet. Quote Link to comment Share on other sites More sharing options...
Kea Posted December 18, 2010 Report Share Posted December 18, 2010 It's my understanding that it applies to self-employed as well -- but I haven't read it anywhere. I also thought the 2% reduction was for 2 years. I'm waiting for NATP to come out with their summary. Quote Link to comment Share on other sites More sharing options...
Dan Posted December 18, 2010 Report Share Posted December 18, 2010 What I have read from the Kiplinger Tax Letter says, "For 2011 only, the 6.2% tax rate for the employee portion of Social Security tax will decline to 4.2% This will replace the Making Work Pay Credit, which provided a max saving of $400 for single filers and $800 for couples. Quote Link to comment Share on other sites More sharing options...
terry Posted December 18, 2010 Report Share Posted December 18, 2010 I see that the bill passed so now employees get a one year 2% tax break on Social Security withholding...Do self-employed persons also get an additional break? I have seen nothing on this subject yet. I read that self-employed will pay only 10.4% on SE income. Quote Link to comment Share on other sites More sharing options...
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