Self-Employment Tax & Quarterly Estimator
Calculate your exact 15.3% FICA self-employment taxes (Social Security & Medicare), above-the-line deduction, and quarterly estimated tax voucher payment deadlines.
| Net Profit Subject to SE Tax | $100,000 |
| Self-Employment Tax (15.3% FICA) | $14,130 |
| 50% Above-the-Line Tax Deduction | -$7,065 |
| Estimated Federal Income Tax | $7,240 |
| Estimated State Income Tax | $3,750 |
| Total Estimated Combined Annual Taxes | $25,120 |
Automatically Track Tax Deductions
The average freelancer misses \$3,200 in valid write-offs every year. Connect your business cards to automatically categorize mileage, software, and home office expenses.
- One-click Schedule C export for CPA or TurboTax
- Live quarterly estimated tax tracker
Understanding the Self-Employment Tax Formula
When you work as a sole proprietor, independent contractor, or LLC member, you are responsible for paying the IRS Self-Employment Tax (SE Tax). SE tax is comprised of two parts:
- Social Security (12.4%): Applies to net profits up to the statutory annual wage base cap.
- Medicare (2.9%): Applies to all net profits without an upper limit.
Why Is SE Tax Multiplied by 92.35%?
The IRS recognizes that regular employers deduct their half of FICA taxes as a business expense. To provide parity to self-employed individuals, only 92.35% of your net earnings are subject to the 15.3% tax, and you can deduct exactly half of the calculated SE tax from your adjusted gross income on Form 1040.