Self-Employment Tax Calculator
Calculate self-employment tax for freelancers, contractors, and small business owners. See Social Security, Medicare, and total SE tax liability.
How This Calculator Works
Calculation methodology and assumptions
Self-employment tax is the equivalent of both the employer and employee portions of Social Security (12.4%) and Medicare (2.9%), totaling 15.3% of net SE income. You can deduct 50% of SE tax from your gross income for income tax purposes. This calculator applies the 92.35% multiplier (you only pay SE tax on 92.35% of net SE income), then computes federal and state income tax on the adjusted amount.
Frequently Asked Questions
How much is self-employment tax?
Self-employment tax is 15.3% of net self-employment income (12.4% Social Security + 2.9% Medicare). However, you only pay on 92.35% of net income, and you can deduct half of SE tax from your income tax. Effective SE tax rate is about 14.1%.
Do I need to pay quarterly estimated taxes?
Yes, if you expect to owe $1,000+ in taxes, the IRS requires quarterly estimated tax payments (Form 1040-ES) due April 15, June 15, September 15, and January 15.