Find Out What Your Self Employment Tax Will Be!
How much self-employment tax will I pay?
Self employment taxes are comprised of two parts: Social Security and Medicare. You will pay 6.2 percent and your employer will pay Social Security taxes of 6.2 percent on the first $113,700 of your covered wages. You each also pay Medicare taxes of 1.45 percent on all your wages - no limit. If you are self-employed, your Social Security tax rate is 12.4 percent and your Medicare tax is 2.9 percent on those same amounts of earnings but you are able to deduct the employer portion. New in 2013 you will pay an additional .9% Medicare tax on the amount that your annual income exceeds $200,000 for single filers and $250,000 for married filing jointly. Use this calculator to estimate your self-employment taxes.