Self-Employment Tax Calculator

Employees only pay half of FICA. The 92.35% (1 − 7.65%) adjustment lets self-employed individuals approximate the same effective rate as employees.

Yes. You can deduct 50% of your SE tax from gross income on Schedule 1. This reduces your income tax but not your SE tax.

For 2024, only earnings up to $160,200 are subject to the 12.4% Social Security portion. The 2.9% Medicare tax applies to all earnings.