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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.
your earnings for Social Security when you file your federal income tax return. If your net earnings are $400 or more in a year, you must report your earnings on Schedule SE, in addition to the other tax forms you must file. Paying Social Security and Medicare taxes If you work for an employer, you and your employer each pay a 6.2 percent Social Security tax on up to $128,400 of your earnings and a 1.45 percent Medicare tax on all earnings. If youâre self-employed, you pay the combined employee and employer amount, which is a 12.4 percent Social Security tax on up to $128,400 of your net earnings and a 2.9 percent Medicare tax on your entire net earnings.