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I think in these days self employment is the best opportunity but persons who are self employed suffer more than traditional employees. The self-employment tax in the United States is currently set at 15.30% which is the equivalent of the combined contributions of the employee and employer under the FICA tax. The rate consists of two parts:HP2-T11 12.4% for social security and 2.9% for Medicare. The social security portion of the self-employment tax only applies to the first $97,500 of income for the 2007 tax year.When I was in college for 640-553 exam I often participated in different job fairs.There is no limit to the amount that is taxable under the 2.9% Medicare portion of the self-employment tax.Half of the hypothetical self-employment tax is allowed as a deduction against self-employment income so only 92.35% of the self-employment income is taxable at 15.30%, an effective tax rate of about 14.13%. However, RH202 this benefit disappears if self-employment income exceeds $105,577, since the entire applicable amount of $97,500 will be taxed at 15.30%.