Optical pump-terahertz probe (OPTP) spectroscopy was performed to measure the lifetime of photogenerated carriers in the barrier and the wetting layer (WL) regions of an indium arsenide on gallium arsenide (InAs/GaAs) single-layer self-assembled quantum dot (QD) sample. A modified rate equation model of carrier dynamics was proposed where possible state-filling in both QD and WL is considered. Drude model fitting was also performed to extract the time-dependent plasma frequency and phenomenological scattering time from the terahertz transmission spectra. The results of the OPTP experiment show two prominent recombination processes that occur at different timescales after photoexcitation. These two processes were attributed to carrier recombination in the GaAs barrier and the quantum well-like states of the WL based on the fitted lifetimes. Calculations using the coupled differential rate equations were also able to replicate the experimental trend at low fluence. The lack of agreement between experimental data and numerical calculations at high optical fluence was mainly attributed to the possible saturation of the GaAs density of states. Lastly, the results of the parameter fitting for the plasma frequency and scattering time indicate a transition from the barrier to the WL recombination as the dominant carrier recombination mechanism within the time scale of the OPTP scan. This further lends credence to the proposed model for carrier dynamics in SAQD systems under state-filling conditions.