Estimate the Social Security and Medicare tax (SECA) you owe on your net self-employment earnings, plus the deductible half. For freelancers, contractors, and business owners. No sign-up, no email, just answers.
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* Estimates only. Self-employment tax is 15.3% (12.4% Social Security up to the annual wage base, 2.9% Medicare), applied to 92.35% of net self-employment earnings, plus 0.9% additional Medicare above the filing threshold. Social Security wage base: 2023 $160,200, 2024 $168,600, 2025 $176,100. This does not include federal or state income tax. Consult Angel Quintana, EA at Imperium Tax Services for a complete strategy.
An S-Corp election can move part of your income out of self-employment tax, when it is done right. That is exactly the kind of planning Angel does for business owners.
See Entity StructuringSelf-employment tax is 15.3%: 12.4% for Social Security (up to the annual wage base) and 2.9% for Medicare. It applies to 92.35% of your net self-employment earnings, with an extra 0.9% Medicare on higher earnings.
No. Self-employment tax covers Social Security and Medicare (the part an employer would normally split with you). You may also owe federal and state income tax on top of it. Use our Tax Bracket Calculator for the income-tax side.
You only pay self-employment tax on 92.35% of net earnings. That adjustment accounts for the employer-equivalent half of the tax, which is also deductible against your income tax.
Often, yes. Electing S-Corp status can shift part of your income from self-employment earnings to distributions, which are not subject to self-employment tax, when done with reasonable compensation. That is exactly the kind of planning Angel does.