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QUICK TAX FACTS
SELF EMPLOYMENT TAX 1,2
Schedule SE
Publications 225, 334
2003
2004
2005
2006
2007
Social Security component
Base salary
$87,000.00
$87,900.00
$90,000.00
$94,200.00
$97,500.00
Rate
12.40%
12.40%
12.40%
12.40%
12.40%
Maximum
$10,788.00
$10,899.60
$11,160.00
$11,680.80
$12,090.00
Medicare component
Base salary
no limit
no limit
no limit
no limit
no limit
Rate
2.90%
2.90%
2.90%
2.90%
2.90%
Maximum
no limit
no limit
no limit
no limit
no limit
Short Schedule SE calculation:
Multiply SE net earnings by .9235. If result is:
- >$400: no SE tax
- ≥$400, but < $94,200: multiply result by 15.3%
- ≥$94,200: use long calculation method (see Pubs. 225 and 334 for details).
Notes:
1 Report SE tax on Schedule SE & Form 1040, line 58
2 Deduct 50% of SE tax on Form 1040, line 27
The information provided in this "Quick Tax Facts" section is intended as a general guideline only. For the most detailed and up-to-date information, contact us at 518-783-7200, or visit www.irs.gov.
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