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How Self-Employment Tax Works
Formula
Self-employment tax covers Social Security (12.4%) and Medicare (2.9%), totaling 15.3% on 92.35% of net SE income.
Unlike employees who split FICA with their employer, self-employed individuals pay both halves.
Common use cases:
- Freelancer tax planning
- Quarterly estimated tax payments
- Independent contractor taxes
Frequently Asked Questions
Dr. David Park
Applied Mathematician, PhD Mathematics
David holds a PhD in Applied Mathematics from MIT. He has published research on numerical methods and computational algorithms used in engineering and scientific calculators.
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