Calculate self-employment tax for freelancers and business owners. See taxable base, Social Security, Medicare, and the deductible portion.
The 92.35% factor adjusts for the fact that employers don't pay FICA on their share of FICA taxes. As a self-employed person, you effectively get the same treatment.
Yes. You can deduct half of your SE tax as an above-the-line deduction on your income tax return. This reduces your adjusted gross income and therefore your income tax.
SE tax applies to net self-employment income of $400 or more. If you have both employment and self-employment income, the Social Security cap considers all sources.