Use this Self-Employment Tax Calculator to estimate your tax bill or refund. This tool uses the latest information provided by the IRS including annual changes and those due to tax reform. Gather your 2022 tax documents including 1099s, business receipts, bank records, invoice payments, and related documents to fill in the drop down sections. Explanations for each question are provided below in the chart. If you have questions about your self-employment taxes a Tax Pro can help.
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Self Employment Tax Calculator
Small business owners, contractors, freelancers, gig workers and others whose net profit is greater than $400 are required to pay self-employment tax. Self-employed workers are taxed at 15.3% of the net profit. This percentage is a combination of Social Security and Medicare tax.
Use this calculator to estimate your self-employment taxes. Normally these taxes are withheld by your employer. However, if you are self-employed, operate a farm or are a church employee you may owe self-employment taxes. Please note that the self-employment tax is 12.4% for the FICA portion and 2.9% for Medicare.