Fidelity: Self Employment Tax Deduction

Self Employment

Tax Deduction Calculator

Calculating Your Self-Employment Tax Deduction : Your Results

Step 1. Net Business Profits
(From Schedule C, C-EZ, or K-1)

Step 2. Multiply Line 1 by .9235

Step 3. Multiply Line 2 by .124
(for your Social Security)

Step 4. Multiply Line 2 by .029
(for your Medicare tax)

Step 5. Add Lines 3 and 4 for your total self-employment tax

Step 6. Multiply Line 5 by .5 for your self-employment tax deduction

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