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rate for self-employed individuals remains the same: 15.3 percent (12.4 percent for Social Security and 2.9 percent for Medicare).
Also beginning Jan. 1, 1994, individuals who make more than $60,600 will continue to pay the Medicare portion of the Social Secuirty tax— 1.45 percent for wage eariers and 2.9 percent fo self-emplowa-on the rest of their earnings. In i993, they paid Medicare taxes only up to a $135,000 wage base.
The amount of wages needed to earn one Social Secuirty “credit” will be $620 in 1994, up from $590 in 1993. The maximum number of credits that can be earned each year is four. Thus, anyone earning more than $2,480 in 1994 will received the maximum of 4 credits for the year.
94.9%