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If you have part- or full-time business income on the side of a day job where you participate in a 401(k), you can also have a self-employed retirement plan. Two of the most popular are a ...
These are collectively known as Additional Pension. They have been available only to employees paying National Insurance contributions and to certain exempted groups (not including the self-employed). The three schemes are/were: Graduated Pension or Graduated Retirement Benefit: This was earned between 6 April 1961 and 5 April 1975 ...
No self-employed person has to be envious of other workers’ pensions, IRAs, or 401(k)s with these approaches to retirement planning you can do largely on your own.
Civil servants receive pensions based on a set percentage of their final salaries, which increases for every year they work. All civil servants except for career soldiers can accumulate a pension up to a maximum of 70% of their final salary, while soldiers can accumulate up to 76%.
For self-employed workers (who technically are not employees and are deemed not to be earning "wages" for federal tax purposes), the self-employment tax, imposed by the Self-Employment Contributions Act of 1954, codified as Chapter 2 of Subtitle A of the Internal Revenue Code, 26 U.S.C. §§ 1401–1403, is 15.3% of "net earnings from self ...
This amount is indexed for inflation. A companion Medicare Tax of 1.45% of wages is imposed on employers and employees with no limitation. A self-employment tax composed of both the employer and employee amounts (totaling 15.3%) is imposed on self-employed persons.
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