Massachusetts Self Employment Tax Calculator (2020)

Last Updated October 6, 2020

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MEDICARE TAX
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SOCIAL SECURITY 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 Massachusetts Self-Employment Tax in 2020

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

Those who are self employed need to look after some tax obligations that were once handled by their employers. One is the Massachusetts self employment tax, which provides 12.4% to Social Security (social security, old-age, survivors, and disability insurance) and 2.9% to Medicare (hospital insurance), for a total of 15.3%.

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

There are two calculations that make up the amount owed in Massachusetts self employment tax. The 12.4% to Social Security is applied to a certain amount of your earnings, which in 2020 has been set at the first $137,000 of your earnings. The 2.9% to Medicare is applied to your combined net earnings. There are differences if you have a married couples business or your spouse works for you.

3. When do I have to pay taxes?

The obligation to pay Massachusetts self employment tax includes quarterly installments, and you could face a penalty if you don’t make the quarterly estimated tax payments on:

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

4. What forms do I need to file taxes?

The Massachusetts self employment tax is paid quarterly using Form 1040-ES, Estimated Tax for Individuals. Then file your annual tax return using Schedule SE (Form 1040 or 1040-SR ), Self-Employment Tax to report your Social Security and Medicare taxes.

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