Career & Money
Self-Employment Tax Calculator
Your full 2026 self-employment tax picture. Social Security and Medicare broken out, federal income tax stacked on top, and what to send each quarter.
How it works
Behind the numbers
Self-employment tax is 15.3%, but it applies to 92.35% of your net profit, not the whole thing. The 7.65% haircut mirrors the employer half of payroll tax that employees never see. Inside the 15.3%, Social Security takes 12.4% up to the 2026 wage base of $184,500, and Medicare takes 2.9% with no cap.
W-2 wages from a day job count toward that $184,500 base first, so they shrink the Social Security slice of your self-employment tax. Above $200,000 in combined earnings for a single filer ($250,000 joint), an extra 0.9% Medicare tax applies. Half of the total self-employment tax is deductible from your income tax, which is the break people most often forget.
The calculator puts the whole picture on one page: the Social Security and Medicare split, an estimate of your federal income tax using 2026 brackets and the standard deduction, an optional state rate, your quarterly amounts with 2026 due dates, and the share of profit worth setting aside. It is a planning estimate, not a substitute for filing.
FAQ
Questions, answered
How is self-employment tax calculated for 2026?
Multiply your net profit by 92.35%, then apply 15.3%. Inside that rate, Social Security takes 12.4% of earnings up to $184,500 and Medicare takes 2.9% with no cap. Above $200,000 single or $250,000 joint, an extra 0.9% Medicare tax applies. The calculator above runs all of it.
I also have a W-2 job. Do I still owe self-employment tax?
Yes, on your net self-employment profit. Your W-2 wages count toward the $184,500 Social Security wage base first, so they shrink the 12.4% slice of your self-employment tax. Medicare has no wage base, so the 2.9% applies to all of your self-employment earnings.
Can I deduct self-employment tax?
Half of it. You deduct 50% of your self-employment tax on Schedule 1, which lowers your adjusted gross income. It does not reduce the self-employment tax itself.
When are 2026 quarterly estimated payments due?
April 15, June 15, and September 15 of 2026, then January 15, 2027. If a date lands on a weekend or holiday, the deadline moves to the next business day. You generally need to pay quarterly if you expect to owe $1,000 or more when you file.
What percentage of freelance income should I set aside for taxes?
Self-employment tax alone runs about 14 to 15% of net profit. Once federal and state income tax are added, most freelancers land between 25 and 30%. The calculator shows your own percentage from your numbers, which beats any rule of thumb.