Michigan Self Employment Tax Calculator (2020)

Last Updated October 6, 2020

What state are you in
What is your tax filling status?
What will your 1099 income be this year?
What will your W2 income be this year?
How much will you spend on business expenses this year?
Get your estimate
In 2020 you will owe a minimum of
$X,XXX in self-employment taxes.
Want to save money with deductions and stay on top of your self-employed taxes?

Bonsai Tax is built just for self-employed workers.
It helps tens of thousands of people across the country save an average of $5,600 on their taxes.
Start free with Bonsai tax
This is an estimate, and should not be considered tax or financial advice.
Freelance Taxes Ebook

Freelance Taxes
The Ultimate Guide

This handy book will guide through best practices to follow when calculating your freelance taxes.

Oops! Something went wrong, please try again.

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

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

Michigan self employment tax is an amount paid to cover Social Security and Medicare, to a total of 15.3%. Social Security is 12.4% and Medicare is 2.9%.

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

Michigan self employment tax is also calculated separately for the two payments. The Social Security amount is applied to a set amount every year, and for 2020, the 12.4% will be applied to the first $137,700 of your net earnings. The 2.9% Medicare amount is applied to all your combined net earnings. If you operate a married couples business, tax requirements may vary.

3. When do I have to pay taxes?

When you work for an employer, they withhold taxes from your cheques. When you’re the boss, you’re required to pay Michigan self employment tax on a quarterly basis. Estimated tax payments must be made on:

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

4. What forms do I need to file taxes?

Payments can be made electronically with Form 1040-ES, Estimated Tax for Individuals. Use the worksheet in Form 1040-ES to find out if you are required to file quarterly estimated tax.

Get peace of mind at tax time.
Maximize your self employment tax deductions and save money.
Start Free

Looking for self employment tax information for your state?

Can't find your state? We're adding tax information for 10 other US states soon.

Track expenses, identify tax deductions, and estimate quarterly taxes using Bonsai.

Oops! Something went wrong while submitting the form.