Resource title

Self-Employment Contributions Act (SECA)

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Resource description

The Self-Employment Contributions Act (SECA) of 1954 is a tax law that requires the owners of small businesses—such as S corporations, partnerships, and sole proprietorships—to pay a tax of 15.3 percent of their net income from self-employment to cover their own Social Security, Medicare, and Old Age Survivors and Disability Insurance (OASDI) costs. Workers who are employed by a company or another person (rather than being self-employed) only have to pay half this amount, which is withheld from their paychecks.

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Resource language

en

Resource content type

text/html

Resource resource URL

http://www.referenceforbusiness.com/small/Qu-Sm/Self-Employment-Contributions-Act-SECA.html

Resource license

Copyright © 2011 Advameg, Inc.