Estimate self-employment tax (Social Security + Medicare) in Minnesota.
Self-employment tax in Minnesota 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).
SE tax
SE tax = 92.35% × profit × 15.3%
Approximate estimate — indexes change yearly.
Yes — the cap is indexed yearly; this uses the current reference figure.
Rates are approximate reference values. Local rates, exemptions and rules can differ, so treat the output as a planning figure only.