What are the FICA tax rates for the self-employed?

The Federal Insurance Contributions Act (FICA) tax rates for self-employed individuals are indeed different from those for employees. Self-employed individuals pay both the employer and employee portions of Social Security and Medicare taxes. Specifically, the self-employment tax rate is comprised of a 12.4% rate for Old-Age, Survivors, and Disability Insurance (OASDI), which is the Social Security component, and a 2.9% rate for Hospital Insurance (HI), which supports Medicare.

For self-employed taxpayers, the total rate effectively becomes 15.3%, combining both OASDI and HI contributions. While the OASDI portion is indeed 12.4%, the HI portion is higher than what's listed in the answer choices, reflecting the need to account for both the employee's and employer's contributions. This distinction is crucial in understanding how self-employment taxation works compared to traditional employment.

As a result, since none of the provided answer choices accurately represent the correct rates for self-employed individuals, the appropriate answer is that none of these choices are correct.