What is the self-employment tax rate?

Self-employment tax is 15.3% — 12.4% for Social Security plus 2.9% for Medicare. It is charged on 92.35% of your net self-employment profit, since that adjustment represents the employer-equivalent portion you would not have paid as an employee.

Does the Social Security part of SE tax have a cap?

Yes. The 12.4% Social Security portion applies only up to the annual wage base ($168,600 for 2024). Net earnings above that face only the 2.9% Medicare portion, which has no cap.

Can I deduct part of the SE tax?

Yes. You may deduct one-half of your self-employment tax as an above-the-line adjustment to income. That reduces the income subject to federal income tax and to Georgia's state income tax.

How does Georgia tax self-employment income?

Georgia taxes net self-employment income the same as other income, at its flat individual rate of 5.39% for 2024. There is no separate state self-employment tax — the SE tax itself is purely federal.

Do I need to make quarterly estimated payments?

Usually yes. Because no employer withholds tax from self-employment income, the IRS and Georgia generally expect quarterly estimated payments. This tool helps you size those payments, but it is an estimate, not tax advice.

Georgia Self-Employment Tax Calculator

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When you work for yourself in Georgia, you pay both halves of Social Security and Medicare through the federal self-employment (SE) tax, plus Georgia’s flat state income tax. This calculator combines them so you can plan quarterly payments accurately.

How it works

SE tax is charged on 92.35 percent of your net profit, reflecting the employer-share deduction:

SE base   = net profit * 0.9235
SE tax    = SE base * 15.3%   (12.4% Social Security up to the wage base
            + 2.9% Medicare, uncapped)
half SE   = SE tax / 2   (deductible from income)

Georgia then taxes your income at a flat 5.39 percent for 2024. The state taxes net income after the deductible half of SE tax, so the order matters:

GA taxable  = net profit + other income - (SE tax / 2) - standard deduction
GA tax      = GA taxable * 5.39%

Example

A freelancer with $60,000 net profit has an SE base of $55,410. SE tax is about $8,478, half of which ($4,239) is deductible. Georgia then taxes roughly $55,761 of income at 5.39 percent, near $3,000, before personal exemptions.

Notes

This is a simplified model. It approximates Georgia’s standard deduction and the Social Security wage-base cap but does not handle the additional 0.9% Medicare surtax, Georgia retirement exclusions, or credits. Confirm with irs.gov and dor.georgia.gov.