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Self-Employment Tax Calculator 2024

Calculate US self-employment tax (SE tax), Social Security, Medicare, and income tax for freelancers and independent contractors.

US Self-Employment Tax (Schedule SE) 2024
Enter your net self-employment earnings (revenue minus business expenses). If you receive a 1099-NEC, this is your reported amount before expenses.
$
$
Total Estimated Tax Burden
$0
Net SE Earnings
$0
SE Tax Base (×92.35%)
$0
Social Security (12.4%)
$0
Medicare (2.9%)
$0
Total SE Tax (15.3%)
$0
SE Tax Deduction (½)
$0
Taxable Income
$0
Federal Income Tax
$0
Net After All Taxes
$0
Effective Tax Rate
0%
Quarterly Estimated Tax Payments
Self-employed individuals must pay estimated quarterly taxes. Pay approx. $0 per quarter (due Apr 15, Jun 17, Sep 16, Jan 15).

How Self-Employment Tax Works

When you're self-employed, you pay both the employee and employer portions of Social Security and Medicare tax. Here's how it's calculated:

  1. SE Tax Base: Net self-employment earnings × 92.35% (removes the "employer" portion)
  2. Social Security: 12.4% on SE base up to $168,600 (2024 wage base)
  3. Medicare: 2.9% on all SE base (no limit)
  4. Total SE Tax: 15.3% (up to wage base), then 2.9% above
  5. SE Tax Deduction: You can deduct half of SE tax from your gross income (the "employer" equivalent portion)
  6. Income Tax: Calculated on (net earnings − ½ SE tax − standard deduction)

2024 SE Tax Rates and Thresholds

Tax ComponentRateWage Base / Limit
Social Security (employee + employer)12.4%Up to $168,600
Medicare (employee + employer)2.9%No limit
Additional Medicare (high earners)0.9%Above $200,000
Total SE Tax (under wage base)15.3%Up to $168,600

Tax Deductions for Self-Employed Individuals

  • Half of SE tax: Automatically deductible from gross income
  • Self-employed health insurance: 100% deductible if you're not eligible for employer coverage
  • Retirement contributions: SEP-IRA (up to 25% of net earnings, max $69,000 in 2024), Solo 401(k)
  • Home office: Simplified ($5/sq ft, up to 300 sq ft) or actual expenses
  • Business expenses: Equipment, software, subscriptions, vehicle, travel, professional services
  • QBI Deduction: Up to 20% deduction on qualified business income (Section 199A)

Frequently Asked Questions

Self-employment tax (SE tax) is the combination of Social Security and Medicare taxes that self-employed individuals pay. It equals 15.3% — 12.4% for Social Security (on income up to $168,600) and 2.9% for Medicare. This is because you pay both the employee (7.65%) and employer (7.65%) portions, unlike W-2 employees who only pay the employee share.
If your net self-employment earnings are less than $400 for the year, you generally do not owe self-employment tax (though you may still owe income tax). This threshold applies to the net profit from self-employment, not gross revenue.
If you expect to owe at least $1,000 in taxes for the year, the IRS requires you to make quarterly estimated payments. For 2024, due dates are April 15, June 17, September 16, and January 15, 2025. Underpaying can result in penalties. Use Form 1040-ES to calculate and pay your estimated taxes.
Converting to an S-Corp can reduce SE tax once you earn above approximately $40,000–$50,000 per year, as you pay yourself a "reasonable salary" (on which you pay FICA) and take remaining profit as distributions (not subject to SE tax). However, there are administrative costs and complexities involved. Consult a CPA or tax attorney to evaluate if this makes sense for your situation.