Calculate your self-employment tax (Social Security + Medicare) and estimated quarterly payments.
Include all deductible business expenses
Net Self-Employment Income
$80,000
Estimated Quarterly Payment Due
$5,622
Due Apr 15, Jun 15, Sep 15, Jan 15
Annual Total Tax
$22,489
SE Tax
$11,304
SE Tax Rate
11.3%
Net Income
$58K
Total Tax Rate
22.5%
| Component | Rate | Base | Tax |
|---|---|---|---|
| Social Security | 12.4% | $74K | $9,161 |
| Medicare | 2.9% | $74K | $2,143 |
| Total SE Tax | 15.3% | $11,304 | |
| Deductible (50%) | -$5,652 |
| Gross Business Income | $100,000 |
| Business Expenses | -$20,000 |
| Net Self-Employment Income | $80,000 |
| SE Tax Deduction (50%) | -$5,652 |
| Adjusted Gross Income | $74,348 |
| Standard Deduction | -$14,600 |
| Taxable Income | $59,748 |
| Self-Employment Tax | $11,304 |
| Federal Income Tax | $8,198 |
| State Tax (5%) | $2,987 |
| Total Tax | $22,489 |
| Net Income After Tax | $57,511 |
Self-employment tax covers both the employer and employee portions of Social Security (12.4%) and Medicare (2.9%) taxes, totaling 15.3%.
SE tax is calculated on 92.35% of net self-employment income, which accounts for the employer-equivalent portion.
You can deduct 50% of your SE tax when calculating your adjusted gross income, reducing your income tax burden.
If you expect to owe $1,000+ in taxes, make quarterly estimated payments to avoid penalties. Due dates: Apr 15, Jun 15, Sep 15, Jan 15.