Self employment tax calculator
Your profit in. Your quarterly number out.
OpenPenalty calculator
See what late filing and late paying add.
OpenWhy it matters
Doctors may have W-2 pay, practice income and investments at once. That mix makes it easy to underpay.
High income brings an extra 0.9% Medicare tax, and investment income can add 3.8% more.
If you own a practice, payroll rules apply too. A tax pro can help you sort both.
- An extra 0.9% Medicare tax applies to high wages and self employment income. Employers start withholding it after $200,000 in wages.
- A 3.8% Net Investment Income Tax can apply over $200,000 single or $250,000 married filing jointly.
- S corporation owners who work in the business must take reasonable wages before distributions.
- You usually avoid the underpayment penalty if you paid at least 90% of this year's tax or 100% of last year's.
What a tax pro may ask you
Have these ready. Clear answers help a tax firm see what fits you.
- If you own all or part of a practice
- If you are paid on a W-2, a K-1 or both
- Which tax years you have not filed
- The notice code in the top right corner of any IRS letter
Common questions
What is the extra Medicare tax?
An added 0.9% on high wages and self employment income. Employers start withholding it after $200,000 in wages.
Do I owe the 3.8% tax?
It can apply to investment income when your income is over $200,000 single or $250,000 married filing jointly.
Can a tax pro stop IRS collection?
They can ask the IRS for a payment plan, a hold, penalty relief or an offer, based on your facts. Results depend on your situation. Not every case qualifies.
Ways to get help
Results depend on your situation. Not every case qualifies.
