Calculate your complete tax burden as a freelancer, contractor, or gig worker. Includes the 15.3% self-employment tax, federal income tax, the SE tax deduction, and your quarterly estimated payment amount.
Unlike regular employees who split FICA taxes with their employer (each paying 7.65%), self-employed individuals pay the full 15.3% themselves. However, you get two important tax breaks to compensate:
SE tax is calculated on only 92.35% of net income — equivalent to what employees pay on (since employers don't "pay" FICA on their share of SE income).
You can deduct 50% of your SE tax from gross income before calculating federal income tax — similar to how employers deduct their FICA share as a business expense.
All legitimate business expenses reduce your net SE income before any taxes are calculated — lowering both SE tax and income tax simultaneously.
SEP-IRA contributions (up to $70,000/year) reduce federal income tax but not SE tax. They're still one of the most powerful tax reduction tools available.
| Tax | Employee | Employer | Self-Employed |
|---|---|---|---|
| Social Security | 6.2% | 6.2% | 12.4% (on 92.35% of net) |
| Medicare | 1.45% | 1.45% | 2.9% (on 92.35% of net) |
| Total FICA/SE Tax | 7.65% | 7.65% | 15.3% |
| Effective Rate on Gross | 7.65% | 7.65% | ~14.13% (15.3% × 92.35%) |
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