💼 Self Employment Tax Calculator
Calculate your self-employment tax (Social Security and Medicare) for freelancers, contractors, and small business owners.
Related Calculators
Frequently Asked Questions
What is self-employment tax?
Self-employment (SE) tax is how self-employed individuals pay Social Security and Medicare taxes. Its 15.3% of net earnings (12.4% Social Security + 2.9% Medicare). Employees and employers each pay 7.65%, but self-employed people pay both halves.
How is SE tax different from income tax?
SE tax is separate from income tax. SE tax covers Social Security and Medicare, while income tax is based on your tax bracket. Self-employed people pay both SE tax (15.3%) AND income tax, though you can deduct half of SE tax from income.
What is the SE tax rate?
15.3% total: 12.4% Social Security (on first $160,200 in 2024) and 2.9% Medicare (no limit). High earners pay an additional 0.9% Medicare surtax on income over $200,000 ($250,000 married), making the total Medicare tax 3.8%.
Can I deduct SE tax?
Yes! You can deduct half of your SE tax (7.65%) as an above-the-line deduction when calculating income tax. This reduces your taxable income and partially offsets the SE tax burden. Its an adjustment to income, not an itemized deduction.
When do I pay SE tax?
Self-employed individuals pay quarterly estimated taxes (April 15, June 15, September 15, January 15). Each payment should be 1/4 of your expected annual SE tax plus income tax. Underpayment can result in penalties.
Financial Disclaimer
This calculator is provided for educational and informational purposes only. The results are estimates based on the information you provide and should not be considered as financial, legal, or tax advice.
Actual results may vary based on your specific circumstances, market conditions, and other factors. Always consult with qualified financial, legal, and tax professionals before making any financial decisions.
We make no guarantees about the accuracy, completeness, or reliability of the calculations. Use this tool at your own risk.