CrunchWize / Calculators
Self-Employment Tax Calculator
Estimate your self-employment tax (Social Security and Medicare) plus income tax on freelance, 1099, and business income.
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Common Questions
What is self-employment tax?
Self-employment tax covers Social Security (12.4%) and Medicare (2.9%) -- the same taxes W-2 employees pay, but you pay both the employee and employer halves. Total is 15.3% on net earnings.
Can I deduct self-employment tax?
Yes. You can deduct the employer-equivalent portion (half) of your SE tax when calculating your adjusted gross income. This is an above-the-line deduction.
When are quarterly tax payments due?
April 15, June 15, September 15, and January 15 of the following year. You may owe penalties if you underpay.