Taxes

Self-employed tax calculator

Calculate your FICA and Medicare taxes

Use this calculator to estimate your self-employment taxes for 2011. Normally these taxes are withheld by your employer. However, if you are self-employed, operate a farm or are a church employee you may owe self-employment taxes. This calculator uses 2011 tax tables and should not be used for estimating 2010 self-employment taxes. (Please note that the 2011 self-employment tax is 10.4% for the FICA portion and 2.9% Medicare. The FICA rate was reduced from 12.4% for one year as part of the Tax Hike Prevention Act of 2010. The FICA portion of the self-employment tax will return to 12.4% in 2012.)

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Taxes

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Definitions

Net farm income or loss: This is your net farm income or loss. This should include both the net farm profit or loss from Schedule F along with any income from farm partnerships. Please note that if your gross farm income is $2,400 or less and your net farm income is $1,733 or less there is a "Farm Optional Method" for calculating income subject to self-employment taxes. If you qualify for this optional method it may produce a slightly lower income subject to self-employment taxes. This calculator assumes that you will not use the "Farm Optional Method". For more information see IRS Schedule SE Part II, Optional Methods to Figure Net Earnings.
Net business income or loss: This is your net income from businesses and partnerships. These amounts are reported on IRS Schedule C for sole proprietorships and IRS Schedule K-1 for partnerships. Do not include any farm partnerships; this income should be included in the net farm income or loss.

In most cases you will need to pay self-employment taxes on salaries received for services performed as a minister. This also includes the rental value of a home and the value of meals and lodging provided to you, your spouse and your family. Include income received for services performed as a minister in your "net business income or loss", do not include it in "Church employee income". There are a number of exceptions for ministers and members of religious orders, in regards to self-employment tax liability. Please see the detailed instructions for self-employment taxes as provided by the IRS to determine how these rules might apply to your specific situation.
Self-employment income: This is your total income subject to self-employment taxes. This is calculated by taking your total "net farm income or loss" and "net business income or loss" and multiplying it by 92.35%. This is done to adjust your net income downward by the total employment tax that would have been paid by an employer, had you not been self-employed. If the result is less than $400.00, you do not owe any self-employment tax on this income.
Church employee income: If you have more than $108.28 in church employee income, you will need to pay self-employment taxes on that income. This does not include any income you received as a minister, which was entered above.
Net church employee income: This is your total church income subject to self-employment taxes. Like your other self-employment income, this total is calculated by multiplying your church employee income by 92.35%. If this amount is less than $100, you do not owe any self-employment taxes on this income.
Employer paid income: Enter your total employment wages and tips that you have been paid where social security taxes have been deducted. In 2011, income up to $106,800 is subject to the 10.4% tax paid for the Social Security portion of self-employment taxes (FICA). Your employment wages and tips should have a 4.2% deduction for Social Security from your pay, and an additional 6.2% payment from your employer that does not appear on your paycheck. If your total wages, tips and self-employment income exceed $106,800 you only owe social security on the difference between your self-employment income and $106,800. If your total employment wages and tips exceed $106,800 in 2011 you will not owe any additional FICA taxes for the year.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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