If you work for yourself, you pay both the employee and employer share of Social Security and Medicare. Enter your numbers below for a quick 2026 estimate.
Calculate your self employment tax
Enter your net profit to see your estimate. Uses 2026 rates and the $184,500 Social Security wage base.
How self employment tax works
- Self employment tax is 15.3% of net earnings: 12.4% for Social Security and 2.9% for Medicare
- It applies to 92.35% of your net profit, which mirrors the employer half of payroll tax
- Social Security tax stops at the 2026 wage base of $184,500, which includes any W-2 wages
- An extra 0.9% Medicare tax applies above $200,000 for single and head of household filers, $250,000 for joint filers and $125,000 for married filing separately. It is figured separately on Form 8959
- You can deduct half of your self employment tax when figuring income tax
- You generally owe it once net earnings reach $400
Ways to lower it
- Make sure every legitimate business expense is recorded, since the tax is based on profit
- If your profit is steady and high enough, an S corp election can reduce self employment tax
- Retirement contributions do not reduce self employment tax, but they do lower income tax
Read our guide to LLC vs S corp in Virginia for an example.
Paying it during the year
Self employment tax is paid along with income tax through quarterly estimated payments. This calculator does not include federal or Virginia income tax, so your total payments will be higher.
About this calculator
This is an estimate for planning only and is not tax advice. Your actual tax depends on your full return.
This article is general information and not tax advice for your situation. Tax rules change, so talk with a qualified professional before making decisions.
