Multiply your tax base by the self-employed tax rate: $46,175 x 15.3% (0.153) = $7,064.78. There’s no additional Medicare tax because your net earnings fall under $200,000.

Self-employment taxes are similar to FICA taxes, which W-2 workers split with their employers. You’ll be responsible for the entire amount, but you can deduct half the tax on Schedule 1, Line 15 ...

The self-employment tax is 15.3%, which is 12.4% for Social Security and 2.9% for Medicare. Generally, it applies to self-employment earnings of $400 or more.

Small business owners typically pay quarterly estimated taxes, which may include self-employment tax plus income taxes. Generally, quarterly taxes are due April 15, June 15, September 15 and ...

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For example, if you have a $500 self-employment medical premiums deduction and a $2,763.57 self-employment tax deduction, your total adjustments to income would be $3,263.67.