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Today's Terms
Self-Employment Tax
Definition:
The self-employment tax rate on net earnings remains the same for 2003. This rate, 15.3%, is a total of 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).
Work Opportunity Credit and Welfare-to-Work Credit
Definition:
The work opportunity credit and the welfare-to-work credit are scheduled to expire for wages paid to individuals who began working for you after 2003.
Employee
Definition:
Works for an employer. Employers can control when, where, and how the employee performs the work.
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