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How the math works
Self-employment tax is 15.3 percent: 12.4 percent for Social Security plus 2.9 percent for Medicare (IRC section 1401). It applies to 92.35 percent of net earnings, not the full profit (IRC section 1402(a)(12)), because the IRS does not tax you on the employer half of the tax itself. The Social Security portion stops at the 2026 wage base of $184,500. Medicare has no cap. An extra 0.9 percent additional Medicare tax applies to earnings above $200,000 single, $250,000 married filing jointly, or $125,000 married filing separately. Half of your SE tax is deductible above the line on Schedule 1, line 15. You owe SE tax once net earnings reach $400 for the year.
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Frequently asked questions
What is the self-employment tax rate for 2026?
15.3 percent total: 12.4 percent Social Security on earnings up to $184,500, plus 2.9 percent Medicare on all earnings. High earners also pay 0.9 percent additional Medicare above $200,000 single or $250,000 married filing jointly. The tax applies to 92.35 percent of net profit.
Why is SE tax calculated on 92.35% instead of 100%?
Employees split FICA with their employer, and the employer half is a business expense that is never taxed. The 92.35 percent factor approximates that same treatment for the self-employed, so you are not taxed on the employer equivalent portion. It comes from IRC section 1402(a)(12).
Do I owe self-employment tax if I only earned $400?
That is the threshold: net earnings of $400 or more trigger SE tax. Below $400 you owe none. Note this is separate from the income tax filing requirement, which has its own thresholds.
Can I deduct half of my self-employment tax?
Yes. One half of SE tax is deductible above the line on Schedule 1 (Form 1040), line 15. It reduces your income tax but does not reduce the SE tax itself. The QBI deduction also does not reduce SE tax, a common misconception.
When are quarterly estimated payments due for 2026?
April 15, 2026; June 15, 2026; September 15, 2026; and January 15, 2027. Each covers roughly a quarter of the year, and the amounts should cover both income tax and SE tax. Missing payments can trigger an underpayment penalty even if you pay in full by April 15.
Does having a W-2 job change my SE tax?
Yes for the Social Security portion. Your W-2 wages use up the $184,500 wage base first, so less of your self-employment earnings is subject to the 12.4 percent part. Medicare still applies to all of it, and the additional Medicare threshold counts combined earnings.
Sources: SSA 2026 wage base announcement ($184,500) via The Tax Adviser and EY Tax News; IRS Schedule SE mechanics per IRC sections 1401 and 1402(a); quarterly due dates per IRS Form 1040-ES (2026).