Estimate your 2026 self-employment tax (Social Security and Medicare), the half you can deduct, and a quarterly amount to set aside with income tax.
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With net self-employment profit for 2026 $50,000, W-2 wages subject to Social Security $0, income tax rate to set aside 12%, estimated tax already paid this year $0:
Self-employment tax: $7,064.78 (14.1% of profit)
Social Security $5,725.70 + Medicare $1,339.08 · deductible half $3,532.39 · with 12% income tax: $12,640.89 a year ≈ $3,160.22 a quarter · still to pay $12,640.89
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Net earnings = net profit × 92.35%. Social Security part = 12.4% × the smaller of net earnings and ($184,500 − W-2 wages already taxed for Social Security). Medicare part = 2.9% × net earnings. SE tax = both parts (none if net earnings are under $400). Half of SE tax is deductible. Income tax set-aside = (profit − deductible half) × your rate.
Formula source: Schedule SE: 92.35% of net profit × 12.4% (up to the 2026 wage base of $184,500) + 2.9% Medicare; $400 minimum; half deductible. IRS – About Schedule SE (Form 1040) · IRS Topic 554 – self-employment tax · IRS – self-employment tax (Social Security and Medicare taxes)
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No W-2 wages, 12% income tax set aside:
| Net profit (no W-2 wages) | Social Security 12.4% | Medicare 2.9% | SE tax | Quarterly set-aside with 12% income tax |
|---|---|---|---|---|
| $20,000 | $2,290.28 | $535.63 | $2,825.91 | $1,264.09 |
| $40,000 | $4,580.56 | $1,071.26 | $5,651.82 | $2,528.18 |
| $60,000 | $6,870.84 | $1,606.89 | $8,477.73 | $3,792.27 |
| $100,000 | $11,451.40 | $2,678.15 | $14,129.55 | $6,320.44 |
| $150,000 | $17,177.10 | $4,017.23 | $21,194.32 | $9,480.67 |
| $250,000 | $22,878.00 | $6,695.38 | $29,573.38 | $14,449.74 |
Up to the wage base, SE tax is about 14.1% of net profit (15.3% × 92.35%). Above it only the 2.9% Medicare part continues, which is why the rate falls at $250,000.
15.3%: 12.4% Social Security on the first $184,500 of combined wages and self-employment earnings, plus 2.9% Medicare on all of it.
It mirrors the employer half of payroll tax that an employee never sees. Schedule SE applies the tax to 92.35% of net profit.
Yes, 0.9% Additional Medicare Tax applies above $200,000 (single) or $250,000 (joint) of combined earnings. It is figured separately on Form 8959 and is not included here.
Generally April 15, June 15 and September 15, 2026, and January 15, 2027. Weekend or holiday dates move to the next business day.
Yes, if net self-employment earnings are $400 or more, even if you also have a full-time job.
A single-member LLC is taxed like a sole proprietor by default, so SE tax still applies. An S-corporation election changes how it works – ask a tax professional.
Sources: IRS – estimated taxes · IRS – About Form 1040-ES, estimated tax for individuals