Taxes⏱ 2 min

Self-Employment Tax Calculator

Calculate self-employment tax (Social Security + Medicare) for freelancers, contractors, and small business owners.

Free • Accurate • Instant Results

Self-Employment Tax Inputs

$
$
%

Self-Employment Tax

🧾

$8,478

15.3% (SS + Medicare)

Est. Income Tax

📊

$9,000

Total Tax Owed

💸

$17,478

Net Income

💰

$42,522

🤖

AI Insights

Personalized analysis based on your inputs

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Quarterly Payments

On $60,000 net income, you likely owe quarterly estimated taxes to avoid IRS underpayment penalties.

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Formula Used

Self-Employment Tax

SE Tax = Net Income × 0.9235 × 15.3%

Variables

0.9235= Adjustment factor (92.35% of net income is taxable)
15.3%= 12.4% Social Security + 2.9% Medicare

Example

$60,000 net income: SE Tax = 60,000 × 0.9235 × 0.153 = $8,477

Frequently Asked Questions

It covers Social Security (12.4%) and Medicare (2.9%) taxes that employers normally split with employees — self-employed individuals pay both halves (15.3% total).

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Disclaimer: This calculator is for informational and educational purposes only. Results are estimates based on inputs you provide. They are not financial, tax, investment, or legal advice. Consult a qualified financial professional before making financial decisions. Actual results may vary based on market conditions, tax laws, and individual circumstances.