Self-Employment Tax Calculator
See the SE tax on your net profit and the deductible half you get back.
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How it works
When you work for yourself you owe both the employee and employer share of Social Security and Medicare — 15.3% in total — on 92.35% of your net profit. You can deduct half of this tax on your income return, softening the blow.
Frequently asked questions
Why only 92.35% of profit?
The adjustment mirrors the employer-side payroll tax that wage earners never see, so the self-employed are not taxed on a portion an employee would not be. Above the wage base, only the 2.9% Medicare part continues.
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