Self-Employment Tax Calculator
Find out how much to set aside for taxes as a freelancer, gig worker, or 1099 contractor. No surprises in April.
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How Self-Employment Tax Works
As a 1099 worker, you pay both the employee AND employer portions of Social Security (12.4%) and Medicare (2.9%) — totaling 15.3%. W-2 employees only pay half because their employer covers the other half. On $60,000 of net income, that's $8,478 in self-employment tax alone — before income tax.
The good news: you can deduct half of your SE tax ($4,239) from your taxable income, and every business expense directly reduces your tax bill. A $15,000 deduction saves you roughly $3,915 in taxes.
Disclaimer: This calculator provides estimates using simplified 2026 federal tax brackets. Does not include state income tax, QBI deduction, or credits. Consult a tax professional for your specific situation.