--- title: "Self-Employment Tax Calculator (2026) | Estimate What You Owe | Novo | Novo" description: "Estimate 2026 regular Schedule SE tax with Social Security, Medicare, annual quarter share, and full year set aside amounts. Free and no login required." canonical: "https://www.novo.co/small-business-resources/self-employment-tax-calculator" --- Free 2026 estimate for independent workers # Self-Employment Tax Calculator Enter your net self employment profit and estimate regular Schedule SE tax for one person. Income tax and Additional Medicare Tax are not included. No login required Built for freelancers Your data stays in your browser YOUR INCOME ## Estimate the tax on your self employment profit. Results update as you type using the regular federal Schedule SE method. Tax year 2025 2026 What do you know? My net profit My income and expenses Annual net self employment profit Social Security wages from Form W2 box 3 (optional) Add box 3 across all W2s for this person. This is a per person estimate, so combine net profit from all of that person’s businesses. Average set aside frequency across a full year Monthly Twice a month Every two weeks Weekly Regular Schedule SE estimate only. It excludes federal and state income tax, credits, withholding, and Additional Medicare Tax. Set aside amounts are full year averages beginning in January. They are not complete Form 1040-ES payments. YOUR ESTIMATE ## Enter your income to see the tax breakdown. Social Security, Medicare, quarterly, and per payment amounts will appear here instantly. With a Novo account Set it aside automatically Create a Novo Reserve for taxes and earmark this amount automatically every time you get paid, free with your account. - No hidden fees, no monthly fees, no minimums - Create a Reserve for taxes in seconds - Built for freelancers and small business owners like you [Open account](https://onboarding.novo.co/signup) ### Tax planning assistant Ask about the estimate, quarterly payments, or what to discuss with a tax professional. Hi! I can help you understand this self employment tax estimate. Enter your profit and any W2 wages, then ask about the breakdown or how to plan your set aside. AI generated guidance. Confirm your tax situation with a qualified professional[— open an account for unlimited usage](https://onboarding.novo.co/signup) The federal calculation ## Self employment tax funds Social Security and Medicare. Employees split these taxes with an employer. Self employed people generally pay both portions through Schedule SE when their net earnings reach the filing threshold. 01 ### Start with net profit Net profit is business income after ordinary and necessary business expenses. You can enter it directly or let the calculator subtract expenses from gross income. 02 ### Apply the 92.35 percent factor The regular Schedule SE method generally multiplies net self employment profit by 92.35 percent to determine net earnings subject to the tax. 03 ### Split Social Security and Medicare Social Security applies up to the annual wage base after eligible W2 wages. Medicare generally applies to all net earnings from self employment. 2026 payment calendar ## Federal estimated tax is usually paid four times a year. These are the IRS calendar year dates for Form 1040-ES. Your full estimated payment can include income tax and other amounts beyond the self employment tax shown above. Payment 1 **April 15, 2026** Payment 2 **June 15, 2026** Payment 3 **September 15, 2026** Payment 4 **January 15, 2027** [View the official 2026 Form 1040-ES](https://www.irs.gov/pub/irs-prior/f1040es--2026.pdf) Keep more of what you earn ## Common deductions to discuss with a tax professional Good records can help you claim legitimate business deductions and understand which expenses reduce business profit versus income tax. 01 ### Ordinary business expenses Supplies, software, professional services, advertising, and other ordinary costs may reduce Schedule C profit when they qualify. 02 ### Home office A space used regularly and exclusively for business may qualify under the simplified or actual expense method. 03 ### Business mileage Eligible business driving may be deductible using the standard mileage rate or actual vehicle expenses. 04 ### Health insurance Some self employed people can deduct eligible health insurance premiums, subject to income and coverage rules. 05 ### Half of self employment tax You can generally deduct the employer equivalent portion of self employment tax when calculating adjusted gross income. 06 ### Retirement contributions SEP IRA, SIMPLE IRA, and individual 401(k) contributions may reduce taxable income when eligibility rules are met. Turn the estimate into a habit ## Give tax money its own place. Create a dedicated Novo Reserve for taxes so the amount you set aside stays separate from everyday operating money. [Open account](https://onboarding.novo.co/signup) [Explore Reserves and Allocation](https://www.novo.co/business-savings-account) - No monthly fees or minimum balance - Create and name a Reserve for taxes - Allocate incoming money automatically Sources and assumptions ## Built from the federal worksheet, not a shortcut rate. The calculator follows the regular federal method in IRS Publication 505: multiply expected self employment profit by 92.35 percent, apply 2.9 percent Medicare tax, and apply 12.4 percent Social Security tax up to the remaining annual wage base after eligible wages. It does not calculate federal or state income tax, Additional Medicare Tax, tax credits, safe harbor payments, withholding, special farm or clergy rules, or every Schedule SE adjustment. [IRS Publication 505](https://www.irs.gov/publications/p505) [IRS self employment tax](https://www.irs.gov/taxtopics/tc554) [SSA wage bases](https://www.ssa.gov/OACT/COLA/cbb.html) [IRS Additional Medicare Tax](https://www.irs.gov/businesses/small-businesses-self-employed/questions-and-answers-for-the-additional-medicare-tax) ### Who has to pay self employment tax? Sole proprietors, independent contractors, partners, and other people in business for themselves generally owe self employment tax when net earnings from self employment are $400 or more. Special rules and exceptions can apply. ### Do I pay self employment tax on a side gig? Usually, yes, if your combined net earnings from self employment reach $400 or more. Side gig profit can be subject to self employment tax even when you also have a regular job. ### What if I also receive W2 wages? Social Security wages from Form W2 box 3 use part or all of the annual Social Security wage base. Add box 3 across all W2s for the person being estimated. Medicare tax does not have the same wage cap. ### Does this include federal income tax? No. The result estimates the standard Social Security and Medicare portions of self employment tax only. Federal and state income tax, credits, withholding, and Additional Medicare Tax are not included. ### What happens if I do not pay quarterly? You may owe an underpayment penalty if you do not pay enough tax during the year. Form 1040-ES helps calculate full estimated tax payments, and wage earners may be able to increase W2 withholding instead. ### Is this calculator tax advice? No. It is an educational estimate using simplified federal rules. A qualified tax professional can review your complete income, filing status, deductions, credits, and state obligations. Built for independent work ## Separate business income and tax savings from day one. Open Novo to organize income, expenses, invoices, and the money you plan to send to the IRS. 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