Calculate self-employment tax for freelancers and independent contractors. Includes Social Security and Medicare taxes with quarterly estimates.
Enter your income information and click calculate to see results
Self-employment tax is due quarterly if you expect to owe $1,000 or more. Use Form 1040-ES to make estimated tax payments.
Yes, you can deduct ordinary and necessary business expenses from your gross income to arrive at net self-employment income.
Self-employment tax covers Social Security and Medicare taxes, while income tax is calculated on your taxable income after deductions.