TAXES CHANNEL
Self Employment Tax Calculator
Calculate Federal Self-Employment FICA taxes owed on 1099 freelance income.
Calculator Variables
Calculation Overview
Calculate your self-employment tax obligations (15.3% Social Security and Medicare) based on 1099 freelancer net profits.
Mathematical Model & Formula
Self Employment Tax = Net Profits * 0.9235 * 15.3%
Emulates federal guidelines where sole proprietors pay both the employer and employee portions of FICA taxes, discount-adjusted by 7.65%.
Variables Defined:
Worked Example Scenario
Scenario: Freelancer earning $50,000 net profit.
- Taxable base = $50,000 * 0.9235 = $46,175
- SE Tax = $46,175 * 0.153 = $7,064.78
Result: SE FICA tax owed is $7,064.78.
Frequently Asked Questions
Can I deduct self-employment tax?
Yes, the IRS allows you to deduct 50% of your total self-employment tax amount from your gross income when calculating your progressive income tax.