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Calculate your self-employment tax. Multiply your tax base by the self-employed tax rate: $46,175 x 15.3% (0.153) = $7,064.78.
Use our Self-Employed Tax Calculator and Expense Estimator to find common self-employment tax deductions, write-offs, and business expenses for 1099 filers. Still need to file? An expert can help or do taxes for you with 100% accuracy.
The self-employed tax calculator a quick tool based on Internal Revenue Code, § 1401 to help a freelancer or self-employed taxpayer to compute three kinds of taxes – the Social Security tax, Medicare tax and additional Medicare tax that must be deducted and deposited to IRS .
You calculate and pay self-employment tax using your self-employment tax base. You’ll need to know your self-employment net earnings, also known as net income , which is the total amount of money you make from self-employed work minus your business expenses.
Here are the steps to calculating the self-employment tax. Step 1: Calculate net earnings. Gross earnings - business expenses = net earnings. Step 2: Calculate the amount that equals 92.35% of your net earnings, which is the amount subject to self-employment tax. Net earnings X 92.35% = the amount subject to self-employment tax
Our calculator allows you to select your specific self-employed industry (over 30) and discover what self-employed business tax write-offs and expenses you can deduct as a 1099 independent contractor or freelancer, so you don’t leave any money on the table.
TaxAct's self-employed tax calculator is your tool for accurately estimating your tax obligations according to the prevailing self-employment tax rates.