Will I pay higher Social Security tax rates if I am self-employed than if I work for someone else?

As a self-employed person, you would pay twice as than an employee.  However, you could apply for special tax credits. These credits can lower your overall rate.

For 2013, the Social Security tax rate is 15.3 percent  on net income up to $113,700. This includes a 12.4 percent Social Security tax plus a 2.9 percent Medicare tax. Although you do not  pay Social Security taxes on net earnings of more than $113,700, you must continue to pay the Medicare portion.

Effective in tax year 2013, the Medicare rate increased from 2.9 percent to 3.8 percent on earnings of more than $200,000 ($250,000 for joint filers). This represents a 0.9 percent increase from 2012.  

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