Self-Employment Tax Calculator
What's your self-employment work really paying?
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Total income from this work before your expenses
Include all time — travel, preparation, waiting, and the actual work
Account for time off, slow periods, holidays
Frequently Asked Questions
How much is self-employment tax?
Self-employment tax is 15.3% of your net self-employment income. This covers Social Security (12.4%) and Medicare (2.9%). W-2 employees only pay half (7.65%) because their employer pays the other half — as a self-employed person, you pay both halves yourself.
Can I deduct business expenses to lower my self-employment tax?
Yes. Legitimate business expenses — tools, supplies, a home office, mileage, software, and more — reduce your net self-employment income, which directly lowers your self-employment tax. Keep receipts for everything. Even the employer-equivalent half of your SE tax (7.65%) is itself deductible on your income taxes.
Do I need to pay quarterly estimated taxes?
If you expect to owe $1,000 or more in federal taxes for the year, the IRS requires quarterly estimated tax payments (due in April, June, September, and January). Missing these can result in an underpayment penalty. Use IRS Form 1040-ES to calculate and submit payments.
What counts as self-employment income?
Any income from freelance work, gig platforms (Uber, DoorDash, Upwork, Fiverr, etc.), side businesses, or independent contracting counts as self-employment income. If you receive a 1099-NEC or 1099-K, that income is subject to self-employment tax.
Is self-employment income taxed differently than regular wages?
Yes, in two ways. First, you owe the full 15.3% self-employment tax (employees only pay 7.65%). Second, taxes are not withheld automatically — you must track and pay them yourself through quarterly payments. Your total tax burden is often significantly higher than a comparable salaried position.
Can I deduct health insurance premiums as a self-employed person?
Yes. Self-employed individuals can deduct 100% of health, dental, and vision insurance premiums for themselves and their family as an adjustment to income on Schedule 1. This is one of the most valuable deductions available to self-employed workers.
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