Self-Employment Tax Calculator

The self-employment tax rate is 15.3% on 92.35% of your net self-employment income. This breaks down to 12.4% for Social Security (up to $168,600 in 2024) and 2.9% for Medicare. An additional 0.9% Medicare surtax applies to income over $200,000 (single) or $250,000 (married).

Quarterly estimated tax payments are due: Q1 on April 15, Q2 on June 15, Q3 on September 15, and Q4 on January 15 of the following year. Missing these deadlines can result in underpayment penalties from the IRS.

Yes. You can deduct the employer-equivalent portion (half) of your self-employment tax when calculating your adjusted gross income. This deduction reduces your income tax but does not reduce your SE tax itself.

No. You only owe self-employment tax if your net self-employment earnings are $400 or more for the year. However, you may still need to file a return if your total income exceeds the filing threshold.

Maximize legitimate business deductions (home office, equipment, mileage, health insurance). Consider forming an S-Corp if your income is high enough — you can pay yourself a reasonable salary and take the rest as distributions, which are not subject to SE tax.