Self-employment tax is a mix of Social Security and Medicare taxes. Use our calculator to estimate what you owe. Many, or all, of the products featured on this page are from our advertising ...

The self-employment tax rate is 15.3% of net earnings. That rate is the sum of a 12.4% Social Security tax and a 2.9% Medicare tax on net earnings. (Note: Self-employment tax is not the same as ...

The self-employment tax rate is 15.3% (12.4% for Social Security and 2.9% for Medicare). For 2024, the first 168,600 of self-employment income is subject to Social Security tax since there is an ...

Medicare taxes are also split equally between the employer and the employee, with a total tax rate of 2.9%. If you are self-employed, you pay Social Security taxes as part of the quarterly ...

FICA taxes are the taxes that are taken out of your paycheck to fund Social Security and Medicare. Self-employment tax is a tax paid by self-employed individuals to cover the costs of Social ...

Medicare is funded by the Social Security Administration ... bringing the total to 2.9%. (If you're self-employed, you must cough up the entire 2.9%.) The Medicare deduction on your paycheck ...

Taxes are due on Tuesday, April 15, 2025. Tenere Robertson, owner of T. Robertson & Associates, LLC provides personal and ...

Taxes can be a killer for entrepreneurs. Fortunately, deductions are a great way to reduce tax liability. But how do you know ...

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Unfortunately if you’re self-employed, you may pay more in taxes than an average worker. This is because you’re responsible for paying the entirety of your Social Security and Medicare taxes.