Self-Employment Tax Calculator
Estimate self-employment (SE) tax on your net self-employment income. SE tax is Social Security (12.4%, capped) plus Medicare (2.9%). We apply the 92.35% adjustment to net income and show the deductible half. Use for planning only—not for filing.
Self-employment tax estimate
2024 wage cap. Estimate only.
How it works
SE tax base = net SE income × 92.35%. Social Security tax = 12.4% of the lesser of (base or wage cap minus other earned income). Medicare = 2.9% of base. Total SE tax = SS + Medicare. Half is deductible on Form 1040. We use 2024 wage cap.
When to use it
Use it to set aside money for quarterly estimated tax, to see the impact of SE income on your tax bill, or to compare with W-2 employment. Pair with the quarterly estimated tax calculator for payment planning.
Frequently asked questions
Which year is the wage cap?
We use the 2024 Social Security wage cap. Update when IRS publishes new figures.
What is the 92.35% adjustment?
It approximates the employer half of FICA that self-employed individuals deduct before applying the 15.3% rate.
Is the deductible half included in the total?
The total SE tax is the full amount; the deductible half reduces income tax, not SE tax.