Self-Employed Tax Guide 2024: SE Tax, Deductions & Estimated Payments
Self-employed individuals pay a 15.3% self-employment tax plus income tax. Learn the deductions available and how to manage quarterly payments.
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Self-employed individuals must pay 15.3% SE tax (12.4% SS + 2.9% Medicare) on net earnings. The deductible portion is 50% of SE tax. Qualified Business Income (QBI) deduction under Section 199A can reduce income by up to 20% for pass-through entities.
Disclaimer: This article is for informational purposes only and does not constitute financial, tax, or legal advice. Tax laws change frequently — consult a qualified tax professional or official government resources for advice specific to your situation.
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