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Self-Employment Taxes Calculator

If you own your own business or if you operate a farm, you're self-employed. All self-employed people who have net profits of $400 or more are subject to self-employment tax. This tax is basically the self-employed person's equivalent of Social Security and Medicare taxes. You pay taxes on your total business or farm income minus expenses you incur. See how much self-employment tax you'll owe for 2006. Just enter data into the fields that apply to you. Then, we'll tell you how much you'll pay on your earnings. Keep in mind, though, that your business or farm income is also subject to regular income taxes in addition to the self-employment tax. Read Entire Article