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Did you receive a 1099 or were you self-employed? If so, there are free tax calculators available to help you determine the amount of self employment tax you will be responsible for. Did you know that self-employment tax consists of two parts: Social Security and Medicare?
You must pay self-employment tax if you have net earnings of $400 or more. To calculate your self-employment tax for free, you will need to complete the following steps:
1) Calculate your net income, which is your total receipts minus your total deductions.
2) Multiply your net income by 13.3% and the result is your tax liability
With self-employment tax, you’ll need to remember that you do not have taxes taken out of your paycheck. Depending on the eligibility of deductions and credits, in most cases you will owe the IRS money. There are many deductions and credits available for self-employed workers. Keep in mind that not having taxes taken out of your earnings throughout the year is something you should take note of when considering being self-employed.
Using a free online tax calculator makes the process very easy. By entering some basic information, it does the work for you and gives you the estimated amount of self employment tax you will owe. It’s much easier than doing a lot of math to figure out how much tax you will owe.
TurboTax is an online service that has many services available including calculators to estimate your self-employment tax liability for free. They also offer customer service 24 hours a day, 7 days a week.
Visit TurboTax Online today to use their free tax calculators to help you estimate your unemployment tax.