Self-Employment Tax Calculator
Calculate your self-employment tax, income tax, and quarterly estimated payments. For freelancers, independent contractors, and small business owners.
Self-Employment Tax Calculator
Calculate your self-employment tax and quarterly payments for 2024
From Schedule C (Line 31)
Not yet deducted
Quarterly Payment Deadlines
Tips for Self-Employed Taxpayers
Common Deductions
Home Office
Dedicated workspace in your home
Health Insurance
100% deductible for self-employed
Retirement Contributions
SEP IRA, SIMPLE IRA, Solo 401(k)
Business Equipment
Computers, software, tools
Vehicle Expenses
Mileage or actual expenses
Professional Services
Legal, accounting, consulting
Frequently Asked Questions
What is self-employment tax?
Self-employment tax is the Social Security and Medicare tax for people who work for themselves. It's 15.3% of your net earnings (12.4% Social Security up to the wage base, plus 2.9% Medicare on all earnings).
Do I have to pay estimated taxes quarterly?
If you expect to owe $1,000 or more in taxes for the year, you're required to make quarterly estimated payments to avoid penalties. This includes both self-employment tax and income tax.
What is the SE tax deduction?
You can deduct half of your self-employment tax when calculating your adjusted gross income. This reduces your income tax liability but does not reduce the SE tax itself.
How do I reduce my self-employment tax?
Consider forming an S-Corporation if your net income exceeds $50,000-$60,000. With an S-Corp, you pay yourself a reasonable salary (subject to payroll taxes) and take remaining profits as distributions (not subject to SE tax).
This calculator provides estimates for federal self-employment taxes only. State taxes and local taxes are not included. Your actual tax liability may differ. Consult with a qualified tax professional for accurate tax planning and filing.