Self-Employment Tax Calculator
Calculate your freelance take-home pay after self-employment and income taxes.
Important Notice
These calculators are for educational and informational purposes only. Results are estimates based on the information you provide and should not be considered financial, tax, or investment advice. Your actual results may vary. For personalized guidance, please consult a qualified financial advisor, tax professional, or other appropriate expert.
People Also Ask
What is self-employment tax?
Self-employment tax is how self-employed individuals pay Social Security and Medicare taxes. It is 15.3% (12.4% SS + 2.9% Medicare) on 92.35% of net earnings. Employees split this with employers; self-employed pay both halves.
How do I reduce self-employment tax?
Legitimate business deductions reduce net profit and thus SE tax. Retirement contributions (SEP-IRA, Solo 401k) reduce income tax but not SE tax. For high earners, S-corp election can reduce SE tax through reasonable salary.
When do I pay self-employment tax?
Quarterly estimated payments are due April 15, June 15, September 15, and January 15. If you expect to owe $1,000 or more in taxes, quarterly payments are required to avoid penalties.
Can I deduct self-employment tax?
You can deduct half (7.65%) of your SE tax from your income for income tax purposes. This reduces your taxable income but not the SE tax itself. The deduction is taken on Form 1040 Schedule 1.