Self-Employment Tax Calculator
Calculate your self-employment tax. See how much you owe in Social Security and Medicare taxes as a freelancer or independent contractor.
Self-Employment Tax
$14,130
Effective Rate: 14.1%
Social Security
$11,451
Medicare
$2,678
Deductible Half
$7,065
Quarterly Estimated Payment: $3,532
Tax Breakdown
Frequently Asked Questions
What is the self-employment tax rate?
The self-employment tax rate is 15.3%, which includes 12.4% for Social Security and 2.9% for Medicare. However, you only pay on 92.35% of your net earnings, making the effective rate about 14.13%. An additional 0.9% Medicare surtax applies to earnings above $200,000 (single) or $250,000 (married).
Is self-employment tax deductible?
You can deduct 50% of your self-employment tax as an adjustment to income on your Form 1040. This reduces your adjusted gross income (AGI) and your income tax — but it does not reduce your self-employment tax itself.
How do I pay self-employment tax?
Self-employed individuals typically pay estimated taxes quarterly (April 15, June 15, September 15, January 15). Use Form 1040-ES to calculate and submit payments. If you also have a W-2 job, you can increase your withholding instead of making quarterly payments.
This calculator is for educational purposes only. Actual self-employment tax depends on your specific situation. Consult a tax professional. Source: IRS Schedule SE instructions.