Maryland Self Employment Tax Calculator (2020)

Last Updated October 6, 2020

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MEDICARE TAX
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The calculator is for illustrative purposes only, and should not be considered financial or tax advice.

What You Need to Know About Maryland Self-Employment Tax in 2020

1. How much is the self employment tax for Maryland?

Maryland self employment tax applies to the earnings withdrawn from a Maryland business. You can deduct business expenses from income to determine the amount of earnings and the amount owed in Maryland self employment tax, which is currently set at 15.3%.

2. How much do I owe in self employment tax to the government?

The Maryland self employment tax comprises two parts: 12.4% paid to Social Security, applied to the first $137,700 of your net earnings; and 2.9% paid to cover Medicare, applied to all your combined net earnings. There are some differences if you file as a married couple in a partnership, or if you have family working for you.

3. When do I have to pay taxes?

Maryland self employment tax must be estimated and paid quarterly:

  • April 15th
  • June 15th
  • September 15th
  • January 15th

4. What forms do I need to file taxes?

Maryland self employment tax is paid using the federal form, known as Form 1040-ES, Estimated Tax for Individuals. You will need your previous year’s income tax return, or you’ll have to estimate your annual earnings in order to complete the form.

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