Freelancer or 1099 contractor? See the Social Security and Medicare tax you owe on your profit.
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Self-employed people pay both halves of Social Security and Medicare: 15.3% on 92.35% of net profit. The 12.4% Social Security part stops at the 2026 wage base of $184,500 (including any W-2 wages); the 2.9% Medicare part has no limit, and 0.9% more applies above $200,000 ($250,000 joint).
You can deduct half of the SE tax when working out your income tax. SE tax is due on profits of $400 or more and is paid with your quarterly estimated taxes.
| Net self-employment profit | 60,000 $ |
| W-2 wages from a job (if any) | 0 $ |
| Filing status | Single |
| Self-employment tax | $8,477.73 |
| Social Security (12.4%) | $6,870.84 |
| Medicare (2.9%) | $1,606.89 |
| Taxed on (92.35% of profit) | $55,410 |
| Deductible half (lowers income tax) | $4,238.87 |
| Quarterly payment for SE tax alone | $2,119.43 |
$8,477.73.
| Net self-employment profit | 120,000 $ |
| W-2 wages from a job (if any) | 80,000 $ |
| Filing status | Single |
| Self-employment tax | $16,171.78 |
| Social Security (12.4%) | $12,958.00 |
| Medicare (2.9%) | $3,213.78 |
| Taxed on (92.35% of profit) | $110,820 |
| Deductible half (lowers income tax) | $8,085.89 |
| Quarterly payment for SE tax alone | $4,042.95 |
$16,171.78.
15.3% of 92.35% of your net profit — about 14.13% of profit — with Social Security capped at $184,500 of combined earnings.
Yes, both. Use the federal income tax calculator for the income tax part.
Claim every legitimate business expense. Some owners form an S corporation and pay themselves a reasonable salary, so the remaining profit avoids SE tax.
Through quarterly estimated payments on 15 April, 15 June, 15 September and 15 January, then settle up on Schedule SE with your return.