Self Employment Tax Calculator - Calculate SE Tax (15.3%)

Self Employment Tax Calculator

Calculate SE Tax (15.3%) · Social Security (12.4%) · Medicare (2.9%)

Self-Employment Tax Calculator
Social Security
Medicare
2.9%
Total SE Tax
15.3%

About Self-Employment Tax

Self-employment tax consists of Social Security (12.4%) and Medicare (2.9%) taxes, totaling 15.3%. This is the self-employed equivalent of the FICA taxes paid by employees and employers.

  • Social Security tax applies to income up to $168,600 (2024 limit)
  • Medicare tax applies to all self-employment income
  • You can deduct the employer-equivalent portion (7.65%) on your income tax return
Annual Self-Employment Income
2024 Social Security wage base: $168,600 (income above this is not subject to Social Security tax)
Your Tax Breakdown
Social Security Tax
$9,920.00
Medicare Tax
$2,320.00
Total SE Tax
$12,240.00
Net Income
$67,760.00
Gross Income $80,000.00
Social Security (12.4%) $9,920.00
Medicare (2.9%) $2,320.00
Total SE Tax $12,240.00
Net Income (After Tax) $67,760.00
Monthly Net Income $5,646.67
Common Income Amounts
15.3% Total Rate
Self-employment tax combines 12.4% Social Security and 2.9% Medicare taxes.
Wage Base Limit
Social Security tax only applies to income up to $168,600 (2024).
Tax Deduction
You can deduct half of your SE tax (7.65%) on your income tax return.

Frequently Asked Questions

What is self-employment tax?
Self-employment tax is the Social Security and Medicare tax paid by self-employed individuals. It's the equivalent of the FICA taxes withheld from employees' paychecks.
What are the current rates?
For 2024, the self-employment tax rate is 15.3%: 12.4% for Social Security and 2.9% for Medicare. Social Security applies to income up to $168,600.
Who needs to pay SE tax?
If you're a sole proprietor, independent contractor, freelancer, or have a business that generates $400 or more in net earnings, you must pay self-employment tax.
Can I deduct SE tax?
Yes! You can deduct the employer-equivalent portion (7.65%) of your self-employment tax when calculating your adjusted gross income.
What about additional Medicare tax?
High earners (over $200,000 single/$250,000 married) may owe an additional 0.9% Medicare tax on earnings above those thresholds.
How do I report SE tax?
Self-employment tax is calculated on Schedule SE and filed with your Form 1040. The tax is included in your total tax liability.
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Self Employment Tax Calculator - Calculate Your SE Tax (15.3%)

Our Self Employment Tax Calculator PRO helps freelancers, independent contractors, and small business owners calculate their self-employment tax liability. Simply enter your annual self-employment income and we'll calculate your Social Security tax (12.4%), Medicare tax (2.9%), total SE tax (15.3%), and net income after tax.

How it works: Self-employment tax is calculated on your net earnings from self-employment. For 2024, the Social Security tax applies to income up to $168,600 at a rate of 12.4%, and Medicare tax applies to all self-employment income at a rate of 2.9%.

Perfect for: Freelancers, independent contractors, gig workers, sole proprietors, LLC owners, and anyone who receives 1099 income. Plan your taxes and know exactly what you'll owe.