New-York Self-Employment Tax Calculator (2023)

Last udpated December 19th, 2023
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Get your estimated taxes
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 New-York Self-Employment Tax in 2023

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

Anyone who is self employed is considered both the employer and the employee, meaning thet New York self employment tax must be paid. That amount is 15.3%, comprising 12.4% for Social Security, old-age, survivors, and disability insurance, and 2.9% for Medicare or hospital insurance.

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

The New York self-employment tax is calculated in two sections. First, a set amount is established each year against which the 12.4% of Social Security is applied. For 2020, that amount is the first $137,700 of your net earnings. The second amount, the 2.9% Medicare payment, is applied to all your combined net earnings. Variations can occur if you file as a married couples business, or your spouse is your partner or your employee.

3. When do I have to pay taxes?

New York self employment tax has to be paid and filed in quarterly installments on:

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

If you do not make payments, you could be fined by the quarterly tax penalty rate.

4. What forms do I need to file taxes?

New York self employment tax can be paid electronically with Form 1040-ES, Estimated Tax for Individuals. You can also use the worksheet in Form 1040-ES to determine your quarterly estimated tax obligations.

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