How Much Is Self-Employment Tax?


Quick Answer

The self-employment tax for income earned in 2013 and 2014 is 15.3 percent, according to the IRS. The 15.3 percent tax rate is the result of a 12.4 percent Social Security tax and 2.9 percent Medicare tax, and does not include any other taxes the person owes, including income taxes.

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Full Answer

As of 2014, those required to file IRS Form 1040 and pay the self-employment tax include anyone with net earnings from self-employment, excluding church employee income, of $400 or more, and those with church employee income of $108.28 or more, explains the IRS.

Because the federal tax system is a "pay-as-you-go" system, self-employed persons who expect to owe $1,000 or more annually in taxes must pay an estimated tax covering their income and self-employment tax obligations each quarter, rather than only once a year, according to the U.S. Small Business Administration.

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