Use this calculator to estimate your self-employment taxes for 2012. 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 2012 tax tables and should not be used for estimating 2011 self-employment taxes.
(Please note that the 2012 self-employment tax is 10.4% for the FICA portion and 2.9% Medicare. The FICA rate was reduced from 12.4% to 10.4% through the end of 2012. The FICA portion of the self-employment tax will return to 12.4% in 2013.)
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 regards 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.