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Self-Employment Tax Calculator (2026)
Know exactly what to set aside before tax season hits. Enter your self-employment income and get your SE tax, federal income tax estimate, and quarterly payment amount in seconds.
How self-employment tax works
Self-employment tax is 15.3% of your net earnings — covering both the employee and employer portions of Social Security and Medicare that a traditional employer would normally split with you. It breaks down to 12.4% for Social Security (on the first $168,600 of net earnings in 2026) and 2.9% for Medicare (on all net earnings, no cap).
Only 92.35% of your net profit is subject to SE tax — the IRS lets you exclude the employer-equivalent half. Half of your SE tax itself is then deductible from your income tax, which this calculator applies automatically.
Freelancers pay taxes quarterly— April 15, June 15, September 15, and January 15 — because there's no employer withholding. Missing a deadline can trigger IRS penalties. The general rule of thumb: set aside 25–30% of every payment.
Frequently asked questions
Do I really owe self-employment tax on top of income tax?
Yes. SE tax (15.3%) is in addition to federal income tax. A freelancer with $80,000 net profit pays roughly $12,240 in SE tax plus federal income tax on top.
What counts as net self-employment income?
Your total 1099-NEC income minus business expenses from Schedule C — not what you transfer to your personal account.
Can retirement contributions lower my tax?
Yes. SEP IRA and Solo 401k contributions reduce your taxable income, and they also reduce the 92.35% base if you make them before filing — a big lever for freelancers.
What if I also have a W-2 job?
Your W-2 withholding usually covers your first tax bracket. Add your W-2 wages to this calculator to see how much more you'll owe from freelance income.
Let Tally Assistant track it for you
Import your bank CSVs, scan 1099 income, and categorize expenses automatically — so tax season becomes a 5-minute export instead of a panic.