Self-Employment Tax Calculator 2024
Calculate your self-employment tax (SE tax) for 2024. Determine Social Security and Medicare taxes for freelancers, contractors, and business owners.
Calculate Your Self-Employment Tax
Understanding Self-Employment Tax
Self-employment tax is a Social Security and Medicare tax primarily for individuals who work for themselves. It is similar to the Social Security and Medicare taxes withheld from the pay of most wage earners, but self-employed individuals must pay both the employee and employer portions.
Who Pays Self-Employment Tax
- Freelancers and independent contractors
- Sole proprietors and business owners
- Partners in a partnership
- Members of LLCs (in some cases)
- Anyone with net self-employment income
2024 SE Tax Components
- Social Security tax: 12.4% (up to wage base)
- Medicare tax: 2.9% (no wage base limit)
- Additional Medicare tax: 0.9% (high earners)
- Total SE tax rate: 15.3% (most taxpayers)
- Deductible portion: 50% of SE tax paid
2024 Self-Employment Tax Rates
On earnings up to $168,600 (2024 wage base)
On all self-employment earnings (no limit)
On earnings over $200,000 (single) / $250,000 (married)
Combined rate for most self-employed individuals
💡 Important Note
You can deduct 50% of your self-employment tax as an adjustment to income, which reduces your adjusted gross income for federal income tax purposes.
How SE Tax is Calculated
Step 1: Determine Net Earnings
Start with your net profit from Schedule C, Schedule K-1 (partnership), or other self-employment income sources.
Step 2: Apply 92.35% Factor
Multiply net earnings by 92.35% (0.9235) to account for the employer portion of SE tax that employees don't pay on.
Step 3: Calculate SE Tax
Social Security: 12.4% on earnings up to $168,600
Medicare: 2.9% on all earnings
Additional Medicare: 0.9% on high earners
Step 4: Deduction
Deduct 50% of SE tax paid as an adjustment to income on your tax return.
How Our SE Tax Calculator Works
Our calculator uses the official 2024 self-employment tax rates and thresholds to provide accurate estimates.
Enter Your Income
Provide your net self-employment income and other relevant details.
Calculate SE Tax
We apply current rates and wage base limits to calculate your SE tax.
Get Detailed Results
See your SE tax breakdown, deductions, and planning recommendations.