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Self-Employment Tax Calculator
Calculate quarterly taxes for freelancers and business owners
Income & Business Information
$
After business expenses
$
Total deductible expenses
$
Quarterly payments made
Self-Employment Tax
$14,130
SS + Medicare
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Income Tax
$12,541
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Total Tax
$26,671
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Effective Rate
26.7%
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Quarterly Payment Schedule
Q1 (Apr 15)
$6,668
Q2 (Jun 15)
$6,668
Q3 (Sep 15)
$6,668
Q4 (Jan 15)
$6,668
Make quarterly estimated tax payments to avoid penalties.
Tax Component Breakdown
Social Security (12.4%):$11,451
Medicare (2.9%):$2,678
Income Tax:$12,541
Deductions & Credits
Income & Tax Flow
Gross Income
$115,000
Business Expenses
-$15,000
Net Income (After Deductions)
$78,335
Total Tax Owed
$26,671
Effective rate: 26.7%
Understanding Self-Employment Tax
Self-Employment Tax (15.3%)
- Social Security: 12.4% (on first $160,200)
- Medicare: 2.9% (no income limit)
- Replaces employer/employee portions
- You can deduct 50% of SE tax
Tax-Saving Strategies
- Maximize business expense deductions
- Contribute to SEP-IRA or Solo 401(k)
- Deduct health insurance premiums
- Use home office deduction
Important Reminders
- Make quarterly estimated tax payments (Form 1040-ES)
- File Schedule SE with your Form 1040
- Keep detailed records of all business income and expenses
- Consider working with a tax professional