Self-Employment Tax Calculator
Self-Employment Tax Calculator
Calculate your self-employment tax including Social Security, Medicare, and estimated income tax. Enter your SE income and business expenses to see your total tax burden, deductible portion, and after-tax income as a freelancer or independent contractor.
Self-Employment Details
Results
INSTRUCTIONS
How to Use This Calculator
1. Enter SE Income
Input your total self-employment income before expenses. This is the gross amount you received from freelance work, contracts, or business activity.
2. Enter Expenses
Input your deductible business expenses such as supplies, software, home office, and travel. These reduce your net SE income before taxes.
3. Select Filing Status
Choose your filing status. This affects your income tax brackets and the threshold for the additional Medicare tax.
4. Review Tax Breakdown
See your SE tax, income tax estimate, deductible portion, total tax burden, and take-home pay. Use these numbers for quarterly estimated payments.
EDUCATION
Understanding Self-Employment Tax
Self-employment tax covers the Social Security and Medicare contributions that employers and employees normally split. When you are self-employed, you pay both halves, totaling 15.3% of your net self-employment earnings. This consists of 12.4% for Social Security (up to the annual wage cap) and 2.9% for Medicare with no cap.
Only 92.35% of your net SE income is subject to SE tax, which mirrors the fact that employers pay half of FICA for their employees. Additionally, you can deduct 50% of your self-employment tax from your adjusted gross income, reducing your income tax liability.
- done_all SE Tax Rate: 15.3% total (12.4% Social Security + 2.9% Medicare) on 92.35% of net SE income.
- done_all SS Wage Cap: Social Security tax applies only to the first $168,600 of earnings for 2024.
- done_all Additional Medicare: An extra 0.9% Medicare tax applies to earnings above $200,000 (single) or $250,000 (married).
- done_all Quarterly Payments: Self-employed individuals must make estimated tax payments quarterly to avoid penalties.
RELATED TOOLS
More Tax & Income Calculators
Tax Bracket Calculator
Find your federal tax bracket and see a detailed breakdown of how your income is taxed at each marginal rate.
Effective Tax Rate Calculator
Calculate your true average tax rate and compare it to your marginal bracket to understand your real tax burden.
Income Tax Estimator
Estimate your total federal income tax based on gross income, deductions, credits, and filing status.