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Self-Employed Tax Calculator

Estimate your self-employment tax including Social Security, Medicare, and federal income tax. See your quarterly estimated payments and total tax liability.

Tax Breakdown

Gross Self-Employment Income$100,000
Business Expenses-$15,000
Net Self-Employment Income$85,000
Self-Employment Tax (FICA)
Taxable SE Earnings (92.35%)$78,498
Social Security (12.4%)$9,734
Medicare (2.9%)$2,276
Total Self-Employment Tax$12,010
Federal Income Tax
SE Tax Deduction (50%)-$6,005
Standard Deduction-$14,600
Taxable Income$64,395
Federal Income Tax$9,220
Total Tax Liability$21,230
Effective Tax Rate25.0%
After-Tax Income$63,770

Quarterly Estimated Payments

Q1
$5,308
Q2
$5,308
Q3
$5,308
Q4
$5,308

Due dates: Q1 Apr 15, Q2 Jun 15, Q3 Sep 15, Q4 Jan 15 (next year)

How Self-Employment Tax Works

Self-employed individuals (freelancers, contractors, sole proprietors) pay both the employer and employee portions of FICA taxes, known as self-employment tax.

SE Tax = Net Earnings × 92.35% × 15.3%

The 92.35% factor accounts for the employer-equivalent portion. The 15.3% rate consists of:

  • Social Security: 12.4% on earnings up to $168,600 (2024 wage base)
  • Medicare: 2.9% on all earnings (no cap)
  • Additional Medicare: 0.9% on earnings over $200,000 (single)

You can deduct 50% of your self-employment tax from your adjusted gross income, which lowers your income tax. Self-employed individuals must also make quarterly estimated tax payments to avoid penalties.

Frequently Asked Questions

Self-employment tax is the Social Security and Medicare tax that self-employed people pay. It is equivalent to the combined employer and employee portions of FICA, totaling 15.3% (12.4% Social Security + 2.9% Medicare).

Employees split FICA with their employer (each paying 7.65%). Self-employed individuals have no employer, so they pay both halves. However, you can deduct the employer-equivalent portion (50%) from your income tax.

Yes, if you expect to owe $1,000 or more in tax. Quarterly payments are due April 15, June 15, September 15, and January 15. Missing payments may result in underpayment penalties.

Common deductions include home office expenses, equipment, software, professional development, health insurance premiums, retirement contributions (SEP IRA, Solo 401k), mileage, and business-related travel.

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