Self Employment Income Tax Calculator

This calculator provides an estimate of the self employment tax social security and medicare and does not include income tax on the profits that your business made and any other income.

Self employment income tax calculator. You don t need to pay self employment tax on income under 400 the calculations provided should not be considered financial legal or tax advice. High income individuals may be assessed an additional medicare tax equal to 0 9 of any income above the threashold amount. More information about the calculations performed is available on the details page. The employer equivalent part of one s self employment tax can be deducted when you re trying to compute for your adjusted gross income although this will only affect your income tax and not your self employment tax.

For the social security portion of self employment taxes the 150 000 in regular job income counts against the 137 700 limit leaving you with no self employment tax for the social security portion. The irs self employment limits for the social security portion for 2016 is 118 500 which is subject to 12 4 of the self employment tax. Nor status calculator xls 89kb. If you are self employed use this simplified self employed tax calculator to work out your tax and national insurance liability.

Filing a form 1040 schedule c could qualify you for an earned income tax credit or eitc. Area representative travel calculator xls 46kb compute number of business days for area representative scheme. That rate is the sum of a 12 4 social security tax and a 2 9 medicare tax on net earnings. Normally these taxes are withheld by your employer.

Income tax calculator for non resident individuals xls 67kb compute income tax liability for non resident individuals locals and foreigners who are in singapore for less than 183 days 6. However if you are self employed operate a farm or are a church employee you may owe self employment taxes. Self employment tax is not the same as. Use this calculator to estimate your self employment taxes.

If you are self employed your social security tax rate is 12 4 percent and your medicare tax is 2 9 percent on those same amounts of earnings but you are able to deduct the employer portion. The calculator uses tax information from the tax year 2020 2021 to show you take home pay. Please note that the self employment tax is 12 4 for the fica portion and 2 9 for medicare. Self employment tax consists of social security and medicare taxes for individuals who work for themselves.