Self-Employment Tax โ 15.3%
12.4% SS + 2.9% Medicare on 92.35% of net SE income. SS capped at $168.6K. Half deductible.
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15.3% rate 92.35% base 50% deductible Quarterly est.
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Why: SE tax is in addition to income tax; plan quarterly payments.
How: Enter net SE income, other W-2 income, and filing status.
Run the calculator when you are ready.
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Estimates only โ not tax advice. Tax laws vary by jurisdiction. Consult a CPA or tax professional.
๐ก Money Facts
12.4% SS + 2.9% Medicare
โ IRS
SS wage base 2024
โ SSA
1. Key Takeaways
- โข 15.3%: 12.4% SS + 2.9% Medicare (both halves)
- โข Base: 92.35% of net SE income
- โข SS cap: $168,600 (2024)
- โข Half of SE tax is deductible
2. Did You Know?
Both Halves
Employee + employer
92.35%
SE income base
50% Deductible
Reduces income tax
Quarterly
Est. payments
S-Corp
May help high earners
W-2 Income
Affects SS cap
3. How It Works
Base = Net SE ร 92.35%. SS = min(Base, $168,600 โ W-2) ร 12.4%. Medicare = Base ร 2.9%. Add'l Medicare = 0.9% over $200K/$250K.
4. Expert Tips
Quarterly payments
Avoid penalties
50% deductible
Reduces income tax
S-Corp
Consider for high earners
Track expenses
Reduce net SE income
5. Comparison Table
| Component | Rate | Cap |
|---|---|---|
| Social Security | 12.4% | $168,600 |
| Medicare | 2.9% | None |
| Additional Medicare | 0.9% | Over $200K/$250K |
6. FAQ
Approximates employer half deduction.
Required to avoid underpayment penalties.
May reduce SE tax on distributions. Consult pro.
7. Sources
- โข IRS โ Self-Employment Tax
- โข IRS โ Schedule SE
8. Quick Stats
15.3%
SE rate
92.35%
Base
50%
Deductible
$168.6K
SS cap
9. Disclaimer
Disclaimer: Estimates only. Consult a tax professional.
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