2018 Self Employment Tax Calculator

Hello. Use this calculator to estimate your self-employment taxes due for the 2018-19 tax year. Self-employment taxes are calculated with Form SE, and accounted for on your Schedule C.

Calculations. The tax is divided into two parts:

12.4% for Social Security. For 2018, this part of the tax applies to the first $128,400 of earnings. If you earn more than that (from self-employment or, if you also have a job, from the combination of your job and your business), then the 12.4 percent part of the tax that pays for Social Security stops for the year.
2.9% for Medicare. The Medicare portion of the self-employment tax doesn't stop. No matter how much you earn, you'll pay the 2.9 percent Medicare tax. For more information on this tax, see IRS Tax Topic 554: The Self-Employment Tax.

Your Gross Self-Employment Income:

Your Net Income: **{{ NetProfit - (Math.min(NetProfit0.9235.124, 15922) + NetProfit0.9235.029) | FormatLikeMoney }}**

Calculations

Item	Amount
Max Applicable Income for Tax Purposes	{{ NetProfit*0.9235 \| FormatLikeMoney }}
Social Security Taxes Due	{{ Math.min(NetProfit0.9235.124, 15922) \| FormatLikeMoney }}
Medicare Taxes Due	{{ NetProfit0.9235.029 \| FormatLikeMoney }}
Total Taxes Due	{{ Math.min(NetProfit0.9235.124, 15922) + NetProfit0.9235.029 \| FormatLikeMoney }}

Important Considerations

This calculator may over-estimate your SE taxes. If you have another job outside of your self-employment income, the maximum annual social security taxable amount is for ALL of your income, not just self-employment income. For example, if you make self-employment income on the side while holding a job with an employer, the social security taxes you pay on the income earned at that job counts toward your annual maximum social security tax amount.