Self-Employment Tax Calculator
Calculate self-employment tax for freelancers and business owners
About this calculator
The Self-Employment Tax Calculator helps freelancers, independent contractors, and business owners estimate their self-employment tax liability. This tax covers Social Security and Medicare contributions that self-employed individuals must pay on their net earnings. Unlike traditional employees who split these taxes with their employer, self-employed people pay the full 15.3% rate. Our calculator determines your exact tax obligation based on your annual self-employment income, helping you plan for quarterly payments and avoid penalties. It's an essential tool for accurate tax planning and budgeting.
How to use
Enter your net self-employment income from Schedule C or other business forms. The calculator automatically applies the current self-employment tax rate of 15.3% (12.4% for Social Security and 2.9% for Medicare) to your earnings. It will also account for the deduction of half your self-employment tax, providing your final tax amount owed.
Frequently asked questions
What income qualifies for self-employment tax?
Net earnings from freelancing, consulting, business ownership, or independent contractor work exceeding $400 annually are subject to self-employment tax.
When do I need to pay self-employment tax?
Self-employment tax is typically paid quarterly through estimated tax payments and filed annually with your income tax return using Schedule SE.
Can I deduct half of my self-employment tax?
Yes, you can deduct half of your self-employment tax as an above-the-line deduction on your income tax return, reducing your adjusted gross income.