Federal 1099 Tax
Estimate self-employment tax (Social Security + Medicare) under current federal tax law.
About Federal 1099 Tax
Self-employment tax under current federal tax law is 15.3% (12.4% Social Security + 2.9% Medicare) applied to 92.35% of net profit, with the Social Security portion capped; half is deductible on your income tax. The wage base is indexed yearly (approximate $168,600 used here).
Formula
SE tax
SE tax = 92.35% × profit × 15.3%
Worked example
With the default values below, Federal 1099 Tax returns Self-Employment Tax of $9,890.69. Change any input above and every figure here is recalculated in your browser.
Inputs used
- Net self-employment profitminimum 0
- 70,000
- W-2 wages (if any)minimum 0
- 0
Results
- Self-Employment Tax
- $9,890.69
- Social Security
- $8,015.98
- Medicare
- $1,874.71
- Income-Tax Deduction
- $4,945.34
Step by step
- 1Values used
- 2SE tax
- 3Self-Employment Tax= 9,890.69
- 4Social Security= 8,015.98
- 5Medicare= 1,874.71
- 6Income-Tax Deduction= 4,945.34
Assumptions and limits
- The result is derived only from the 2 inputs listed above. Anything not among them is not part of the calculation.
- In particular, this calculator does not take inflation, tax, fees or charges or compounding frequency into account.
- Figures are rounded for display to 2 decimal places, so totals built from several rounded parts can differ slightly from the unrounded arithmetic.
- Approximate estimate — indexes change yearly.
- This is an estimate for general information and not professional financial, tax or legal advice. See the full disclaimer for the limits that apply to this kind of calculator.
How these calculators are built and tested is described on the Methodology page. If a figure looks wrong, please report it.
Approximate estimate — indexes change yearly.
Frequently Asked Questions
Is there a Social Security wage cap?
Yes — the cap is indexed yearly; this uses the current reference figure.
How accurate is this estimate?
Rates are approximate reference values. Local rates, exemptions and rules can differ, so treat the output as a planning figure only.