Texas Self Employment Tax Calculator (2020)

Last Updated September 28, 2020

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TOTAL TAX
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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 Texas Self-Employment Tax in 2020

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

As a self employed individual, you don’t have an employer to withhold taxes and make payments on your behalf, which means you need to pay Texas self employment tax. That amount is a total of 15.3%, with 12.4% of it dedicated to Social Security and 2.9% dedicated to Medicare.

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

Texas self employment tax is calculated based on your earnings. A base amount is established each year, against which the 12.4% of Social Security is applied. In 2020, the base amount will be the first $137,000 of your earnings. The second payment towards Medicare is 2.9% applied against all your combined net earnings. Then there may be variations if you have a married couples business, or your spouse is an employee.

3. When do I have to pay taxes?

There is an obligation to pay Texas self employment tax on a quarterly basis, with installments made on:

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

A worksheet on the tax form helps determine if you are required to file quarterly estimated tax payments.

4. What forms do I need to file taxes?

Form 1040-ES, Estimated Tax for Individuals, is used to pay Texas self employment tax. To complete it, you will need your previous year’s return, or if you're in your first year of business, you’ll have to estimate your annual earnings.

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