Self-Employment Tax
TaxesThe Social Security and Medicare taxes paid by self-employed individuals, covering both employee and employer portions (15.3%).
Example
Example: On a $75,000 salary, understanding self-employment tax could save you hundreds or thousands at tax time. For instance, if you are in the 22% marginal bracket, knowing how self-employment tax works helps you make smarter decisions about deductions, credits, and withholding. Check your tax picture with our income tax calculator.