Self-Employment Tax Calculator (US, Estimate)

Estimate US self-employment tax, income tax and the quarterly amount to set aside as a freelancer.

Net profit for the year

Income tax rate on taxable profit (%)

Standard deduction (check IRS for current year)

Social Security wage base (check SSA for current year)

Currency

Estimated total tax

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Self-employment tax (15.3%)–

– Social Security (12.4%)–

– Medicare (2.9%)–

Deductible half of SE tax–

Estimated taxable income–

Estimated income tax–

Set aside per quarter–

Share of profit–

Financial estimate only, not certified financial or tax advice.

How US self-employment tax works

Self-employed workers pay both the employee and employer share of Social Security (12.4%, up to an annual wage base) and Medicare (2.9%) on 92.35% of net profit. Half of this SE tax is deductible when computing income tax.

Quarterly estimated payments

If you expect to owe $1,000 or more, the IRS expects estimated payments four times a year. This calculator divides the total by four as a rough guide.