Self-employment tax calculator
Freelance and self-employed people pay both halves of Social Security and Medicare. We start from 92.35% of your net profit, charge Social Security up to the wage base, Medicare on the rest of that, and the extra 0.9% Medicare once you’re over the threshold for how you file.
Result
Social Security
$11,451.40
Medicare
$2,678.15
Additional Medicare Tax
$0.00
Self-employment tax
$14,129.55
Income tax on the profit is a separate bill. You may be able to deduct half of this tax on the return. We don’t take that deduction off here.
Here’s one
$100,000 net profit, single
On $100,000 of profit, filing single, Social Security and Medicare are worked out on 92.35% of that. Social Security stops at the $184,500 wage base. The extra Medicare tax is zero here, because you’re under the $200,000 single threshold.
How it works
Most of the profit (92.35%) is what gets taxed. 12.4% of that goes to Social Security, up to the wage base. 2.9% is Medicare, with no cap. Another 0.9% kicks in above the threshold for how you file.
Where this comes from
Self-employment tax is both halves of Social Security and Medicare. The IRS page explains the 15.3% and the wage base. The extra 0.9% Medicare starts at the thresholds in Topic 560. We do not subtract the deduction for half of this tax.
Good for
The self-employment tax on a profit figure. Not the income tax on that same profit.
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