KLOORASelf Employment Tax Calculator
Estimate self employment tax (Social Security and Medicare) and total federal tax on freelance or 1099 income.
How to use Self Employment Tax Calculator
- Enter your values in the fields.
- The results update instantly as you type.
- Note or copy the numbers you need.
Features
- Instant results
- Free, no signup
- Runs in your browser, nothing is uploaded
- Works on phone and desktop
How it works
Net earnings are multiplied by 0.9235, then taxed at 12.4 percent Social Security (up to the wage cap) and 2.9 percent Medicare. Half of that tax lowers your income for the income tax step.
Worked example
Net income of 70,000 gives 64,645 of earnings, so self employment tax is about 9,891. After deducting half, income tax adds roughly 5,600 for a single filer, about 15,500 in total.
Good to know
These are estimates for planning, not tax advice. Rates and limits change every year, so confirm the latest figures at irs.gov or with a tax professional.
Frequently asked questions
What is the self employment tax rate?
15.3 percent on 92.35 percent of net earnings: 12.4 percent Social Security up to a yearly wage cap and 2.9 percent Medicare.
Can I deduct half of it?
Yes. Half of the self employment tax is deducted when you work out income tax.
How much should I set aside?
The result shows the total as a share of income. Many freelancers save 25 to 30 percent.
Is the Self Employment Tax Calculator free?
Yes. It is free, needs no signup and works on any device.