Texas Self-Employment Tax Calculator (2023)

Last udpated December 19th, 2023
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How much will you spend on business expenses this year?
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 Texas Self-Employment Tax in 2023

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.

To lower your tax bill, you could use a 1099 template or a tax software to track deductions.

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.

Track 1099 expenses & keep a peace of mind at tax time

Bonsai Tax is built exclusively for self-employed workers to track expenses, maximize tax write-offs, and estimate quarterly taxes.

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