Self-Employment Tax Estimator
Calculate your self-employment tax, federal income tax, and total tax burden. See exactly how much to set aside and what your quarterly payments will be.
Tax breakdown
Payment schedule
Worked example
On $80,000 net SE income, you owe $12240.00 in self-employment tax and $8094.60 in federal income tax — a total of $20334.60 (25.4%). Set aside $1,694.55/month or make $5,083.65 quarterly payments.
How this calculator works
Self-employment tax is 15.3% (12.4% Social Security + 2.9% Medicare) on net earnings up to $168,600. You can deduct half of SE tax from your AGI. Federal income tax is calculated using 2024 brackets after the standard deduction ($14,600).
What affects your tax
- Self-employment tax is 15.3% — 12.4% for Social Security and 2.9% for Medicare
- Social Security tax only applies to earnings up to $168,600 (2024)
- You can deduct half of SE tax from your federal income tax
- Business expenses reduce your net earnings subject to SE tax
Frequently asked questions
Do I have to pay self-employment tax?
Yes, if your net self-employment income is $400 or more for the year. This includes freelance, gig, and business income. Employees don't pay SE tax — their employer pays half of Social Security and Medicare.
What is the self-employment tax rate?
Self-employment tax is 15.3% of your net earnings: 12.4% for Social Security and 2.9% for Medicare. Social Security tax only applies to earnings up to the wage base ($168,600 for 2024); Medicare applies to all earnings.
How is self-employment tax calculated?
You apply the 15.3% rate to your net self-employment income after a 92.35% adjustment (which accounts for the employer's half). This calculator handles that math and combines it with your federal income tax.
What is the SE tax deduction?
You can deduct 50% of your self-employment tax from your adjusted gross income. This is an "above the line" deduction that reduces your federal income tax, but not your SE tax itself.
Do business expenses reduce my self-employment tax?
Yes. Deductible business expenses lower your net earnings, and since self-employment tax is calculated on net earnings, reducing them lowers both your SE tax and your income tax.
When are quarterly taxes due?
April 15, June 15, September 15, and January 15 of the following year. If you don't pay enough throughout the year, the IRS charges underpayment penalties.
Do I pay both self-employment tax and income tax?
Yes. In addition to the 15.3% self-employment tax, you also pay regular federal income tax on your net earnings at your applicable bracket. This calculator totals both so you see your full obligation.