Self-employment tax is the equivalent of FICA for people who work for themselves. Since self-employed individuals are both the employer AND employee, they pay both halves of FICA — 12.4% for Social Security and 2.9% for Medicare, totaling 15.3%. However, you can deduct the employer-equivalent portion (7.65%) on your personal tax return. This tax applies to net self-employment income of $400 or more.
Generate a paystub showing Self-Employment Tax (SE Tax) clearly with our free paystub generator, or browse the full payroll glossary (44+ terms explained).
This paystub generator is a simulation/mockup tool for personal record-keeping and verification purposes only.