Self-Employment Tax Calculator 2024

Component	Calculation	Amount
Net SE Income	—	—
× 92.35% (Schedule SE adj.)	—	—
Social Security Tax (12.4%)	—	—
Medicare Tax (2.9%)	—	—
Additional Medicare (0.9%)	—	—
Total SE Tax		—

Component

Calculation

Amount

Net SE Income

—

× 92.35% (Schedule SE adj.)

—

Social Security Tax (12.4%)

—

Medicare Tax (2.9%)

—

Additional Medicare (0.9%)

—

Total SE Tax

—

Step 1: Calculate Net Earnings from Self-Employment

Net SE Earnings = Net Profit × 0.9235

The IRS multiplies by 92.35% (= 1 - 7.65%) because employees only pay half of FICA; the other half is the "employer" portion. This adjustment gives self-employed people a comparable base.

Step 2: Social Security Tax

SS Tax = min(Net SE Earnings + other wages, $168,600) × 12.4%

The Social Security wage base for 2024 is $168,600. If you (or you + your spouse if MFJ) already have W-2 wages, those count against the cap first.

Step 3: Medicare Tax

Medicare Tax = Net SE Earnings × 2.9%

No wage base cap for Medicare. Everyone pays on all earnings.

Step 4: Additional Medicare Tax (0.9%)

Add. Medicare = max(0, earnings above threshold) × 0.9% Threshold: $200,000 single / $250,000 MFJ

This surtax was added by the ACA in 2013 and applies to high earners.

Step 5: SE Tax Deduction

Deduction = Total SE Tax × 50%

You can deduct half of your SE tax when calculating your adjusted gross income (AGI). This partially compensates for the fact that employees get their employer half paid for them pre-tax.

2024 Tax Rates at a Glance

SS wage base: $168,600
SS rate: 12.4% combined (6.2% employee + 6.2% employer)
Medicare: 2.9% (no cap)
Additional Medicare: 0.9% above $200K/$250K