Determine your net self-employment income
Multiply net self-employment income by 92.35%
If the result is less than $400, no self-employment tax is owed
Multiply the adjusted amount by 15.3%
Split the tax into 12.4% for Social Security and 2.9% for Medicare
Apply the Social Security wage base limit if your income exceeds the annual cap
Add the 0.9% Additional Medicare Tax if your income exceeds the IRS threshold
Subtract one-half of your self-employment tax when calculating adjusted gross income
Use IRS Schedule SE to complete the calculation