Self-Employment Tax Calculator
Get an estimate of self-employment tax (Social Security and Medicare), the portion you can deduct on your return, a suggested quarterly payment, and your effective SE tax rate.
How it works
Self-employment tax is 15.3% (12.4% Social Security + 2.9% Medicare) on 92.35% of your net self-employment income. This calculator uses that formula. Half of the SE tax is deductible on Form 1040 when calculating income tax.
Estimated quarterly payment is one-fourth of the annual SE tax. You may also owe income tax on the same income; this tool does not calculate income tax. Consult a tax professional for your situation.