Self-Employment Taxes Calculator
The self-employment taxes calculator will help you to figure out how much you owe in taxes for being self-employed. This calculator bases the information on the income or loss that you business has obtained.
Financial Calculators from
Self-employment earning information:
Press spacebar to hide inputs
Self-Employment Taxes for 2019
press spacebar to hide graph
Additional Medicare Tax
This calculator does not include any required amounts for the Additional Medicare Tax. This tax applies to a household and not an individual tax payer. Joint filers with over $250,000 in earned income, single filers with over $200,000 in earned income and married persons filing separately with over $125,000 in earned income will owe an additional 0.9% of the amount exceeding these thresholds. These thresholds are not index to inflation. This is paid only by the tax payer, there is no additional employer amount. This additional tax is calculated on your full tax return and while it is directly related to your earned income it is not calculated with your self-employment taxes.
Net farm income or loss
This is your net farm income or loss. This should include both the net farm profit or loss from Schedule F along with any income from farm partnerships. Please note that if your gross farm income is $2,400 or less and your net farm income is $1,733 or less there is a 'Farm Optional Method' for calculating income subject to self-employment taxes. If you qualify for this optional method it may produce a slightly lower income subject to self-employment taxes. This calculator assumes that you will not use the 'Farm Optional Method'. For more information see IRS Schedule SE Part II, Optional Methods to Figure Net Earnings.
Net business income or loss
This is your net income from businesses and partnerships. These amounts are reported on IRS Schedule C for sole proprietorships and IRS Schedule K-1 for partnerships. Do not include any farm partnerships; this income should be included in the net farm income or loss.
In most cases you will need to pay self-employment taxes on salaries received for services performed as a minister. This also includes the rental value of a home and the value of meals and lodging provided to you, your spouse and your family. Include income received for services performed as a minister in your 'net business income or loss', do not include it in 'Church employee income'. There are a number of exceptions for ministers and members of religious orders, in regards to self-employment tax liability. Please see the detailed instructions for self-employment taxes as provided by the IRS to determine how these rules might apply to your specific situation.
Church employee income
If you have more than $108.28 in church employee income, you will need to pay self-employment taxes on that income. This does not include any income you received as a minister, which was entered above.
Employer paid income
Enter your total employment wages and tips that you have been paid where Social Security taxes have been deducted. In 2019, income up to $132,900 is subject to the 12.4% tax paid for the Social Security portion of self-employment taxes (FICA). Your employment wages and tips should have a 6.2% deduction for Social Security from your pay, and an additional 6.2% payment from your employer that does not appear on your paycheck. If your total wages, tips and self-employment income exceed $132,900 you only owe Social Security on the difference between your self-employment income and $132,900. If your total employment wages and tips exceed $132,900 in 2019 you will not owe any additional FICA taxes for the year.
Net church employee income
This is your total church income subject to self-employment taxes. Like your other self-employment income, this total is calculated by multiplying your church employee income by 92.35%. If this amount is less than $100, you do not owe any self-employment taxes on this income.
This is your total income subject to self-employment taxes. This is calculated by taking your total 'net farm income or loss' and 'net business income or loss' and multiplying it by 92.35%. This is done to adjust your net income downward by the total employment tax that would have been paid by an employer, had you not been self-employed. If the result is less than $400.00, you do not owe any self-employment tax on this income.
Self-Employment Taxes Calculator Overview
With it becoming increasingly easy to start a small business, more and more Americans are choosing to follow their dreams and be their own boss. The benefits are plentiful; working hours that you choose enables you to fit work around your other responsibilities and lifestyle. You can pursue a long-held ambition and make it a huge success with plenty hard work and some good luck.
As a result of the boom in small businesses, more and more individuals are taxed as self-employed. This means that they have to calculate and pay the taxes that employers would normally deduct from their paycheck themselves. If you are self-employed, operate a farm, or are an employee of a church, then you may be responsible for paying your own employment taxes.
Why Use The Self-Employment Taxes Calculator?
The Self-Employment Taxes Calculator enables you to quickly and easily figure out how much tax you owe from your earnings. This can help you avoid getting hit with a big and unexpected bill from the IRS at the end of the tax year. Plus it is always beneficial to be able to plan ahead. Even if you just do freelance work from home, you can find yourself with a large sum to pay at the end of the year which can easily catch you off guard.
The level of tax is different depending on what type of self-employment you are engaged in, so make sure you put your information in the appropriate field on the calculator.
How To Use The Self-Employment Taxes Calculator
Ready to start? Follow these steps.
- First, indicate which of the following categories your self-employed income falls under; business, farm or church employee
- In the relevant box, enter the amount you earned or expect to earn during the year in question
- Add the amount you have been paid or expect to be paid by an employer during those same 12 months – if this exceeds a certain amount you will not be required to pay FICA (Federal Insurance Contributions Act)
- Click "View Report" for a breakdown of your earnings and taxes payable
Who is this Calculator for?
The Self-Employment Taxes Calculator is most useful if you:
- Are self-employed, have a small business or a farm, or are a church employee
- Work from home as a freelancer
- Want to know how much tax you need to pay
- Have income from both self-employed sources and as an employee of someone else
What is FICA (Federal Insurance Contributions Act)?
FICA is the law requiring employers deduct payroll tax from their employees’ paychecks, which is then contributed to Social Security and Medicare funding. Social Security gets 6.2% of the amount, and Medicare receives 1.45%. However, self-employed people pay according to SECA.
What is SECA (Self Employed Contributions Act Tax)?
SECA tax, established in 1954, is paid according to a person’s net earnings from self-employment. The basic SECA tax rate is 2x the FICA tax amount you would pay as an employee – this is in order to cover both sides of the payment; employer and employee. To make up for this, the employer side is tax deductible.
Other Mortgage and Financial Calculators
In addition to the standard mortgage calculator, this page lets you access more than 100 other financial calculators covering a broad variety of situations. Choose from calculators covering various aspects of mortgages, auto loans, investments, student loans, taxes, retirement planning and more.
- Adjustable Rate Mortgage Calculator
- Interest Only ARM Calculator Overview
- How much can I borrow?
- Mortgage comparison: 15 years vs 30 years
- Balloon Loan Calculator
- ARM vs. Fixed-Rate Mortgage Calculator
- APR Calculator for Adjustable Rate Mortgages
- Bi-weekly Payment Calculator
- Blended Rate Mortgage Calculator
- Fixed Rate Mortgage vs. Interest Only ARM calculator
- Mortgage Tax Savings Calculator
- Rent vs. Buy Calculator
- Mortgage Payoff Calculator
- Mortgage Required Income Calculator
- Interest-Only Mortgage Calculator
- Mortgage Qualifying Calculator
- Mortgage Calculator Simple (PITI) - Mortgage Calculation
- Mortgage APR Calculator
- Bi-Weekly Payment Calculator For an Existing Mortgage
- Enhanced Loan Calculator
- Existing Loan Calculator
- Mortgage Debt Consolidation Calculator
- Mortgage Points Break-Even Calculator
- Refinance Break-Even Calculator
- Refinance Calculator
- Auto Rebate vs. Low Interest Financing
- Bi-weekly Payments for an Auto Loan Calculator
- Dealer Financing vs. Credit Union Financing Calculator
- Auto Lease vs. Auto Buy Calculator
- Home Equity vs. Auto Loan Calculator
- Auto Loan Calculator
- Bi-weekly Payments for an Auto Loan Calculator
- Auto Loan Payoff Calculator
- Retirement Income Calculator
- 401(k) Net Unrealized Appreciation Calculator
- 401(k) Savings Calculator
- 403(b) Savings Calculator
- 457 Savings Calculator
- 72(t) Distribution Impact Calculator
- Beneficiary Required Minimum Distributions
- Pension Plan Retirement Options
- Retirement Contribution Effects Calculator
- Retirement Planner
- Roth vs. Traditional IRA Calculator
- 72(t) Distribution Options Calculator
- Social Security Benefits Calculator