Use an S corporation to mitigate federal employment tax bills

Federal Employment Tax, FICA, Medicare Taxes, S Corporation, Self Employed, Self Employment Tax, Small Business, Social Security Tax /

If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder! For 2023, the SE tax is imposed at the painfully high rate of 15.3% on the first $160,200 of net SE income. This includes 12.4% for Social Security tax and 2.9% for Medicare tax. […]

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