Self-employment tax is the one tax every 1099 worker owes regardless of deductions, credits, or how the rest of your return shakes out. This calculator isolates just that number — Social Security and Medicare — so you can see it clearly, separate from your income tax. What self-employment tax actually is It’s 15.3% of most … Read more
A $70,000 job offer and a $70,000 freelance contract are not the same $70,000. As a W-2 employee, your employer quietly covers half of your Social Security and Medicare tax. As a 1099 contractor, you cover all of it yourself — on top of losing benefits like paid time off or a 401(k) match. This … Read more
If you’re self-employed, every legitimate business deduction lowers the income your tax bill is based on — both your federal income tax and your self-employment tax. Here’s the full list of deductions that actually apply to most freelancers, gig workers, and 1099 contractors in 2026, with the current numbers where they matter. 1. Half of … Read more
