Self employment tax primarily consist of Social Security and Medicare taxes for people who work for themselves. This taxes are mostly figured by the employers of the comapany. Employer is also required to match the medicare and social security taxes. Use our online self employment tax calculator to estimate the Medicare Tax, Social Security Tax, Total Tax, Deduction and Payable Tax by providing your total income, Farm Income (or) CRP Payments and expected wages.
Self employment tax primarily consist of Social Security and Medicare taxes for people who work for themselves. This taxes are mostly figured by the employers of the comapany. Employer is also required to match the medicare and social security taxes. Use our online self employment tax calculator to estimate the Medicare Tax, Social Security Tax, Total Tax, Deduction and Payable Tax by providing your total income, Farm Income (or) CRP Payments and expected wages.
Self Employment Tax Calculation A self employer earns a Net Income to Self Employment tax of 10000 $ which includes 5000 $ of farm income and expected wages is 100 $.
Medicare Tax
= ((10000-5000) x 0.9235) x 0.029
= 134 $
Social Security Tax
= (118500 - 100) x 0.124
= 573 $
Total Tax
= 134 + 573
= 707 $
Deduction
= 707 x 0.50
= 354 $
Payable Tax
= 707 - 354
= 353 $
