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Self-Employment Tax Calculator 2024 — SE Tax & Quarterly Payments

Calculate your self-employment tax (15.3%), the deductible half, estimated income tax, total tax burden, and quarterly estimated payment amounts for freelancers, contractors, and small business owners.

'Can I deduct self-employment tax?', 'answer' => 'Yes. You can deduct 50% of your SE tax from your gross income as an above-the-line deduction, reducing your adjusted gross income (AGI) and therefore your income tax. This deduction appears on Schedule 1 of Form 1040. You cannot deduct the employee half, only the deemed employer portion.'], ['question' => 'When are quarterly estimated tax payments due?', 'answer' => '2024 quarterly due dates: April 15 (Q1), June 17 (Q2), September 16 (Q3), January 15, 2025 (Q4). To avoid underpayment penalties, pay at least 90% of your current year tax or 100% of prior year tax (110% if prior year AGI exceeded $150,000).'], ['question' => 'What business expenses can I deduct?', 'answer' => 'Common deductible self-employment expenses: home office (regular/exclusive use), vehicle mileage or actual expenses, equipment and software, professional development, professional services (legal, accounting), health insurance premiums, retirement contributions (SEP-IRA, Solo 401k), marketing, and business insurance. Keep receipts and records for everything.'], ]" />

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