Use Forbes Advisor's calculator & instructions to learn how your self-employment tax is calculated.

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.

The general rule is that any ordinary and reasonable expense you pay while conducting a business activity is deductible in ...

Here are 15 big self-employment tax deductions and tax benefits that could slash tax bills for freelancers, contractors and other people who work for themselves.

What is self-employed income tax? If you're self-employed, you'll pay income tax in a different way to employed workers, as it's charged on your profits rather than your gross income via a ...

If you're self-employed, there are certain business expenses you are allowed to deduct from your tax bill. This guide explains the expenses you can and can't claim with HMRC when you're self-employed.

Your adjusted gross income is more complicated because self-employed individuals receive certain income tax deductions not available to standard employees. Your adjusted gross income equals your ...

How to Calculate a Cellphone Tax Deduction for Self-Employment. If you are self-employed, it may be possible to deduct the cost of your cellphone service on your tax return.

Enter your income from self-employment and your tax filing status into the calculator above to estimate your tax. What Is Self-Employment Tax?