Self-Employment Tax
Self-employment tax is the 15.3% Social Security and Medicare tax that freelancers and business owners pay on their net earnings — covering both the employee and employer halves of FICA that a regular job splits with you. It's on top of income tax.
You can deduct half of it when figuring your income tax, which softens the blow. Because no employer withholds it, the self-employed usually make quarterly estimated payments to avoid a large bill and penalties at year-end.
Put it to work
Take-Home Pay Calculator
See your actual paycheck after federal tax, Social Security, Medicare, 401(k), health premiums, and state tax — per paycheck and per year (2026 figures).
Salary to Hourly Calculator
Convert an annual salary to hourly, weekly, biweekly, and monthly pay — adjusted for your real hours and weeks worked.