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Investments glossary

Self Employed Contributions Act (SECA)


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\'\'It is therefore doubtful if President Mohammadu Buhari will be able to deliver his campaign promises to Nigerians if the price of crude oil which accounts for some 90% of Nigeria’s total export revenue and 75% of total consolidated revenue continue to hover around $50 per barrel between now and 2019.\'\' Chika Onuegbu in his 2015 paper titled “HISTORICAL OVERVIEW OF THE IMPACT OF GLOBAL OIL POLITICS ON CRUDE OIL PRICES, INVESTMENTS AND EMPLOYMENT RELATIONS IN THE NIGERIAN OIL AND GAS INDUSTRY”

— Chika Onuegbu

The Self Employed Contributions Act (SECA) tax is a levy from the U.S. government on those who work for themselves, rather than for an outside company. It requires self-employed workers to contribute tax to pay both the employer and employee portions of the Federal Insurance Contributions Act (FICA) tax, which funds Social Security and Medicare.1

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