Frequently Asked Questions
What is the self-employment tax rate?
15.3% total — 12.4% Social Security (up to a wage base cap) and 2.9% Medicare (uncapped), applied to 92.35% of your net income. Use our SE Tax Calculator.
Do I have to pay estimated quarterly taxes?
Generally yes, if you expect to owe $1,000+ for the year. Use our Quarterly Estimated Tax Calculator.
Can I deduct my self-employment tax?
Yes — half of your SE tax is deductible as an above-the-line adjustment. See our Deduction & QBI Savings Calculator.
What is the QBI deduction?
A deduction of up to 20% of qualified business income under Section 199A, subject to income thresholds and business-type rules.
What is Additional Medicare Tax?
An extra 0.9% tax on combined income above certain thresholds. Check with our Additional Medicare Tax Calculator.
Is the Social Security wage base the same every year?
No, it's adjusted periodically. Income above the cap isn't subject to the 12.4% Social Security portion.
Do these calculators account for state taxes?
No — these cover federal self-employment tax only. State rules vary widely.
What if I have both a W-2 job and self-employment income?
Your W-2 wages count first against the Social Security wage base, which can lower the Social Security portion you owe on SE income. Use the SE Tax Calculator's "Other W-2 Wages" field.
Are these calculators updated each tax year?
Yes — figures like the Social Security wage base are checked against current IRS and SSA sources. See our Methodology & Sources.