Schedule SE (Self-Employment Tax): This form calculates the Social Security and Medicare taxes owed on net business income. Independent consultants are responsible for paying both the employer and employee portions of these taxes through the self-employment tax, which is 15.3%.
When you combine the federal, state, and NYC taxes, the total tax burden for someone earning $200,000 in NYC will be around $61,700. This results in an after-tax income of approximately $138,300 per year.
What is the tax rate for self-employment? The self-employment tax rate in 2024 is 15.3%.
Schedule SE (Self-Employment Tax): This form calculates the Social Security and Medicare taxes owed on net business income. Independent consultants are responsible for paying both the employer and employee portions of these taxes through the self-employment tax, which is 15.3%.