Self-Employment Tax Calculator
Calculate your self-employment tax liability for accurate financial planning. Determine your tax obligations based on income, business expenses, and filing status.
Step 1: Income & Business Details
Understanding Self-Employment Tax
Self-employment tax includes Social Security (12.4%) and Medicare (2.9%) taxes. For 2023, only the first $160,200 of net earnings is subject to Social Security tax.
Step 2: Deductions & Filing Status
About Deductions & Credits
Business expenses reduce your taxable income. The Qualified Business Income deduction allows up to 20% deduction for pass-through businesses. Dependents can provide tax credits.
Self-Employment Tax Results
Estimated Total Self-Employment Tax
Business Structure Tax Comparison
| Business Structure | Self-Employment Tax | Income Tax | Total Tax |
|---|
Tax Breakdown by Category
Tax Calculation Formula
Self-Employment Tax = (Net Income × 0.9235) × 0.153
Self-employment tax rate is 15.3% (12.4% Social Security + 2.9% Medicare) on 92.35% of net income. Income tax is calculated based on taxable income after deductions.
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