Self-employment tax calculator

Tax year

Net profit from self-employment

income minus business expenses (Schedule C line 31, or your share of partnership earnings)

W-2 wages from a job (optional)

wages that already paid Social Security tax use up part of the wage base

Filing status (for the Additional Medicare Tax)

Result

Self-employment tax (Schedule SE): US$8,477.73
Deductible half of SE tax: US$4,238.87
Additional Medicare Tax (Form 8959): US$0.00
Working: Net earnings subject to SE tax: US$60,000.00 × 92.35% = US$55,410.00
Social Security: US$55,410.00 × 12.4% = US$6,870.84
Medicare: US$55,410.00 × 2.9% = US$1,606.89
SE tax = US$6,870.84 + US$1,606.89 = US$8,477.73; deductible half = US$4,238.87; SE tax comes on top of federal income tax and is usually paid through quarterly estimated payments. The deductible half lowers your adjusted gross income, not the SE tax itself. Church employee income and optional methods are not covered.