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You figure self-employment tax (SE tax) yourself using Schedule SE (Form 1040). Social Security and Medicare taxes of most wage earners are figured by their employers. Also you can deduct the employer-equivalent portion of your SE tax in figuring your adjusted gross income.
3. Multiply the employee rate by the employee's wages to find the amount the company must withhold from the employee's paycheck for Social Security taxes. For example, if the employee's monthly pay equals $3,170, multiply $3,710 by 0.042 to find the company must withhold $133.14 for Social Security taxes. 4. Multiply the employer rate by the employee's pay to find the amount the company must pay to the government in employer Social Security taxes because of the payment to the employee. In this example, multiply 0.062 by $3,170 to find the company has to pay $196.54 in employer Social Security taxes.