Self-Employment Tax Calculator
Estimates combined Social Security and Medicare taxes owed on 1099 self-employment income
Your net profit from self-employment after business expenses.
Total SE tax (Social Security + Medicare)
12.4% on earnings up to $168,600
2.9% on all earnings, +0.9% over $200k
SE tax as a percentage of net income
Frequently Asked Questions
What is self-employment tax?
Self-employment tax covers Social Security (12.4%) and Medicare (2.9%) for people who work for themselves. Unlike employees who split these taxes with their employer, self-employed individuals pay both halves, totaling 15.3% on 92.35% of net earnings.
Is there a cap on self-employment tax?
The Social Security portion (12.4%) applies only to earnings up to $168,600 (2024). Medicare (2.9%) has no cap. An additional 0.9% Medicare tax applies to earnings above $200,000 (single) or $250,000 (married filing jointly).
Can I deduct self-employment tax?
You can deduct half of your self-employment tax from your gross income on your tax return. This reduces your income tax but does not reduce the SE tax itself. The deduction is taken on Schedule 1 of Form 1040.
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