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Tax Tips For Freelancers
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How Do I Know How Much the Self-Employment Tax Is?

  • Self-employment tax equals 15.3 percent on the first $113,700 of net income and then 2.9 percent on the net income that is in excess of $113,700.
  • The Social Security tax component of the self-employment tax is 12.4 percent.
  • Note: one half of your self-employment tax is deductible as an adjustment to income.
  • If your profits are more than $200,000 ($250,000 on joint returns), you are subject to the 0.9 percent additional Medicare tax.
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