Self Employment Tax Calculator

Calculate your self-employment tax, quarterly estimated payments, and total tax bill as a freelancer, contractor, or small business owner.

Gross Self-Employment Income ($)

Total revenue before expenses

Business Expenses ($)

Home office, equipment, software, etc.

Other Income ($)

W2 wages, interest, etc.

Filing Status

Using single filer brackets

Total Tax Owed
—

Quarterly Payment

—

Effective Tax Rate

—

Net Self-Employment Income—

Self-Employment Tax (15.3%)—

SE Tax Deduction (half)—

Federal Income Tax—

Total Tax Owed—

Set Aside Per Month—

What Is Self-Employment Tax?

Self-employment tax covers Social Security (12.4%) and Medicare (2.9%), totaling 15.3%. As an employee, your employer pays half of this. As a self-employed person, you pay the full 15.3% — though you can deduct half of it from your taxable income.

Quarterly Estimated Tax Payments

If you expect to owe more than $1,000 in taxes, the IRS requires quarterly estimated payments. Missing these payments results in underpayment penalties. Payment due dates are April 15, June 15, September 15, and January 15.

How to Reduce Self-Employment Tax

Track all legitimate business expenses — they reduce your net SE income
Contribute to a SEP-IRA or Solo 401k to reduce taxable income
Deduct home office, vehicle mileage, health insurance premiums
Consider forming an S-Corp at higher income levels to reduce SE tax

What Is Self-Employment Tax?

Quarterly Estimated Tax Payments

How to Reduce Self-Employment Tax

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