Tax

Self-Employment Tax

Social Security and Medicare taxes paid by self-employed individuals—15.3% of net self-employment income (12.4% Social Security up to the wage base plus 2.9% Medicare).

Related Terms

FICA Tax
Social Security
Medicare

Related Calculators

Take-Home Pay Calculator

Understanding Self-Employment Tax

Self-Employment Tax is a key concept in tax. Understanding this term helps you make more informed financial decisions. Use our related calculators above to see how self-employment tax affects your specific situation.