Self-Employment Tax Calculator
Self-employed? Your taxes are more complex than W-2 employees. Calculate your true take-home pay after self-employment tax, income tax, and deductions.
Income
Deductions
Filing Status
Tax Breakdown
Quarterly Estimated Payments
Self-employed individuals must pay estimated taxes quarterly to avoid penalties.
Your Deductions Breakdown
Tax Reduction Strategies
Max Retirement Contributions
SEP-IRA: up to 25% of net self-employment income (max $69,000 in 2024). Solo 401(k): up to $23,000 employee + 25% employer contribution.
S-Corp Election
If earning $80K+, consider S-Corp election. Pay yourself a reasonable salary and take remaining profits as distributions to avoid some self-employment tax.
Track All Deductions
Home office, mileage, equipment, software, education, professional services. Every legitimate deduction reduces your taxable income.
Health Insurance Deduction
Self-employed can deduct 100% of health insurance premiums for yourself, spouse, and dependents. This is an above-the-line deduction.
How Self-Employment Tax Works
The 15.3% burden: Employees only see 7.65% for Social Security and Medicare because employers pay the other half. Self-employed pay both halves: 12.4% Social Security (up to $168,600 in 2024) + 2.9% Medicare on all income.
The deduction offset: You can deduct half of your self-employment tax from your income. This reduces your income tax (but not the SE tax itself).
Important: This calculator provides estimates. Consult a tax professional for your specific situation, especially regarding state taxes, local taxes, and advanced strategies.