Self-Employment Tax Calculator
Calculate self-employment taxes including Social Security and Medicare for freelancers and business owners
About this calculator
The Self-Employment Tax Calculator helps freelancers, contractors, and business owners calculate their self-employment tax obligations, including Social Security and Medicare taxes. Unlike traditional employees who split these taxes with their employers, self-employed individuals must pay both portions, totaling 15.3% of their net earnings. This calculator provides accurate estimates to help you plan for quarterly tax payments and avoid underpayment penalties, ensuring you budget appropriately for your tax liability throughout the year.
How to use
Enter your net self-employment earnings (gross income minus business expenses) into the calculator. The tool will automatically calculate your Social Security tax (12.4%) and Medicare tax (2.9%), plus any additional Medicare tax if applicable. Review the total self-employment tax amount to determine your quarterly payment needs.
Frequently asked questions
What is the current self-employment tax rate?
The self-employment tax rate is 15.3%, consisting of 12.4% for Social Security and 2.9% for Medicare taxes.
When do I need to pay self-employment taxes?
Self-employment taxes are typically paid quarterly through estimated tax payments, with deadlines on January 15, April 15, June 15, and September 15.
Can I deduct business expenses before calculating self-employment tax?
Yes, you calculate self-employment tax on your net earnings, which is your gross income minus legitimate business expenses and deductions.