Self-Employment Tax Calculator

Estimate your US self-employment tax (15.3%) from your net profit, see the deductible half, and get a quarterly amount to set aside. Free 1099 tax calculator for freelancers and contractors.

Net self-employment profit (after expenses)

W-2 wages already taxed for Social Security (optional)

If you also have a job, wages there count toward the Social Security cap.

Estimate only, based on 2024 US rates (15.3% SE tax, $168,600 SS cap). Not tax advice — confirm with a professional.

Estimated self-employment tax

$8,478

Set aside per quarter

$2,119

Social Security (12.4%)

$6,871

Medicare (2.9%)

$1,607

Income-tax deduction (½ SE tax)

Reduces your taxable income

$4,239

How to use the Self-Employment Tax Calculator

1
Enter your net self-employment profit after expenses.
2
Add any W-2 wages already taxed for Social Security.
3
See your total SE tax and quarterly set-aside.
4
Note the deductible half that lowers your income tax.

Frequently asked questions

What is self-employment tax?

It covers Social Security (12.4%) and Medicare (2.9%) — 15.3% total — on 92.35% of your net earnings, since no employer pays half for you.

Why set money aside quarterly?

The IRS expects estimated payments four times a year. Setting aside each quarter avoids a big bill and underpayment penalties.

Is this tax advice?

No — it's an estimate using 2024 rates. Confirm your exact situation with a tax professional.

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