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[Music] independent contractors sole proprietor or self-employed you need to avoid hi everyone Keith Wilson here with Wilson financial advisors hey listen if youre an employee of a company and you receive a w-2 youre responsible for paying Social Security tax and Medicare but thats really split between the employer and the employee the employer would pay 7.65 percent and the employee would pay 7.65 percent but what if youre self-employed or an independent contractor youre responsible for the full amount of 15.3% total because youre considered both the employee and the employer this is called self-employment tax and this is on top of paying ordinary federal and income state tax so heres an idea that may help you lower that amount if you organize your business as an S corporation then your clients or customers they would pay your S corp that you set up and not you directly now you can designate part of your income as wages and the other part as distribution you will still pay the