Rate & Tax Calculator
Estimate contractor rates and understand federal tax implications. Independent contractors are responsible for their own Social Security and Medicare taxes.
Self-employment tax rate: 15.3% (2024)
Calculate Estimates
Enter your rates to see gross pay and estimated taxes.
Important Note: This is a simplified estimate for federal self-employment tax only. It does not account for income tax brackets, business deductions, or state taxes. Consult with a tax professional for official advice.
Self-Employment Tax
Independent contractors pay the full Social Security and Medicare tax amount themselves, which is normally split between employee and employer.
- Social Security: 12.4%
- Medicare: 2.9%
- Total Rate: 15.3%
- Paid quarterly (estimated)
Next Steps
Now that you've estimated your rates, ensure your engagement is properly classified.
Check Classification