What is the tax rate for self-employment income?

In Florida, the tax rate for self-employment income is based on your federal taxable income. Generally, if your federal taxable income is below $50,000, you will be subject to a tax rate of 5.5%. If your federal taxable income is between $50,000 and $75,000, the tax rate will be 6%. If your federal taxable income is over $75,000, the rate will be 6.5%. In addition to the state taxes, self-employment income in Florida is subject to the federal self-employment tax, which is currently 15.3%. This includes both Social Security and Medicare, making up the employer and employee’s portion. The federal self-employment tax is in addition to any state income taxes and is not deductible for federal income tax. When filing taxes, you should also be aware of any local or county taxes, as these may also apply. In addition to taxes, when filing your taxes you will also need to include any other business expenses that you may have had, such as employee wages and supplies. If you have any questions about the tax rate for self-employment income in Florida, it is best to consult with a local tax professional to ensure you are correctly filing your taxes and taking advantage of any available deductions.

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