Estimate federal self-employment tax and approximate Massachusetts state income tax on self-employment income.
Federal self-employment tax is roughly 15.3% (12.4% Social Security + 2.9% Medicare) on 92.35% of net income, with the employer-equivalent half deductible. An approximate Massachusetts state income tax is added using a reference rate.
SE tax
SE tax = 92.35% × net × (12.4% + 2.9%) (+ 0.9% above threshold)
Approximate estimate for guidance — verify current FICA and state thresholds.
Yes — states that tax wages tax self-employment income. States without a wage tax are treated as 0 here.
Rates are approximate state or national reference values. Local rates, exemptions and rules can differ, so treat the output as a planning figure only.