Massachusetts Self-Employment Tax Calculator (2023)

Last udpated December 19th, 2023
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This year 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.
This is an estimate, and should not be considered tax or financial advice.

What You Need to Know About Massachusetts Self-Employment Tax in 2023

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 an estimated tax penalty if you don’t make the quarterly tax payments on:

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

You could also receive an underpayment penalty if you pay less money than you owe.

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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