Taking out my own FICA for independant contractor status…?

I have accepted a position with an online place as an independant contractor. They’re legit and issue a 1099 should earnings be above $600 for a calendar year (but you’re paid the full gross amount; witholding is up to you), but this is for I assume Federal and State Income tax. I have heard I am also responsible for my own FICA (DOUBLE the amount I pay through my payroll at work, where my employer pays the other half?) for SS/Medicare witholding. Is this true? Is there anyway to get out of this legally (after all, I don’t expect SS to be solvent by the time I am gray haired)? Thanks.

Yes it’s close to true – actually you get a smal break, and only pay the 15.3 (doubled) % on 92.35% of your net, not quite all of it, and you can take half of the total self-employment tax as an adjustment to income on your 1040.

And no, there isn’t a way to opt out.

25 Gem Independent Contractor status

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