Self Employment Tax Calculator

Self employment tax calculator estimates the tax for self employer.

How is self employment tax calculated?

The total self-employment tax is 15.3% including social security tax and medicare tax. To calculate self-employment tax, first, deduct half of the self-employment tax 7.65%, or multiply your self-employment pay by 0.9235, that is the pay we used to calculate self-employment tax.

Then multiply by 12.4% to get the social security tax, multiply by 2.9% to get the Medicare tax. Single filers pay an additional 0.9% in Medicare taxes if income is over $200,000 ($250,000 for married filing jointly).

For example, if your gross pay is $50,000,
$50,000 x 0.9235 = $46,175.
$46,175 x 0.124 = $5,726. (social security tax)
$46,175 x 0.029 = $1,339. (medicare tax)