Yes. I used to pay both halfs, now with my s-corp I pay half and my business pays half. But the half my business pays come directly out of my profits so for all practical purposes I'm still paying it. I do also pay myself a salary now, and do the rest in dividends, so that saves some, but on the part I pay its still 15%.
Chris - Would elimination of SS really reduce your taxes 15%? For that to be true, you'd have to be paying SS on 100% of your income (roughly speaking) which is avoidable with a good corporate structure. I think you probably know your way around the tax world, but don't you have a payroll/distribution model where you are only paying payroll taxes and social security on a relatively small salary while the rest of your revenue is paid to you in the form of cash distributions, etc? Probably you know all that, but when I see successful self-employed people paying 15% to SS, it makes me cringe!!! One of the best things about being self employed is that you don't have to pay as much tax as the full timers.