Self-Employment Tax Calculator
Calculate the self-employment (SECA) tax you owe on your net profit, plus the deductible half. Estimates 2024 US self-employment (SECA) tax, not tax advice.
Calculator by Toolsloft ↗- Self-employment tax
- $14,129.55
- Deductible half
- $7,064.78
This calculator estimates the self-employment (SECA) tax you owe on your net profit and the deductible half you can claim against income. Use it if you are a freelancer, contractor, or sole proprietor planning for quarterly estimates or filing time. It is a 2024 federal estimate and excludes state tax.
How this is calculated
It applies the SECA rate to 92.35% of your net profit, 12.4% for Social Security up to the 2024 wage base of $168,600 and 2.9% for Medicare on the full amount, then halves the result for the deductible portion.
How to use
- Enter your net profit from self-employment.
- Read the estimated self-employment tax.
- Read the deductible half you can claim as an adjustment to income.
Examples
- $100,000 net profit:
SE tax $14,129.55 - Deductible half:
$100,000 → $7,064.78 deductible
FAQ
- How is self-employment tax calculated?
- It applies a 15.3% rate (12.4% Social Security + 2.9% Medicare) to 92.35% of your net profit, with the Social Security portion capped at the annual wage base.
- Is any of the self-employment tax deductible?
- Yes. You can deduct one half of your self-employment tax as an adjustment to income on your federal return.
- How accurate is this estimate?
- This uses 2024 US SECA rates and the 2024 Social Security wage base. It is an estimate only, excludes state taxes, and is not tax advice.