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When figuring self-employment tax you owe, you get to reduce self-employment income by half of the self-employment tax before applying the tax rate. Say, for example, that your net self-employment income is $50,000. That's the amount you report as taxable for income tax purposes on Form 1040. But when figuring your self-employment tax on Schedule SE, Computation of Social Security Self-Employment Tax, the taxable amount is $46,175. Not paying the 15.3 percent tax on $3,225 difference in this example saves you $493.
If you are self-employed you need to make these tax payments yourself since you donât have an employer to send it in for you. For 2014, employees pay 7.65 percent of their income in Social Security and Medicare taxes with their employers making an additional payment of 7.65 percent.The Social Security portion of the tax is paid on the first $117,000 of employment income in 2014.Unfortunately, when you are self-employed you pay both portions of these taxes -- for a total of 15.3 percent. However, you get to claim a deduction for a portion of this when you file your tax return.You calculate these employment taxes on a Schedule SE attachment to your personal tax return.nfortunately, when you are self-employed you pay both portions of these taxes -- for a total of 15.3 percent. However, you get to claim a deduction for a portion of this when you file your tax return.