oms Jim (single) generated self-employment income this year of $84,700 and eamed additional wages of $61,200 from another employer. What is Jim's total self-employment tax for the year? The steps for calculating self-employment tax are included below. Step 1: Compute the amount of the taxpayer's not income from self-employment activities (eg, Schedule C) that is subject to self-employment taxes Step 2: Multiply answer in Stop 1 by 9235. This is called net earings from self employment. Step 3: Calculato Social Security tax. Multiply the lesser of [Step 2] or [$137,700 less any other income or wages subject to social security tax) by 12,4% Step 4 Calculate Medicare tax If Step 2 is less than or equal to $200,000 for a single taxpayer or $250,000 for a married fling jointly taxpayer: Multiply the lesser of Step 2 or $200,000 ($250,000 If MFU) by 2.9% . Step 2 is greater than $200,000 for a single taxpayer or $250,000 for a married fling jointly taxpayer: Multiply the first $200,000 ($250,000 ir MFJ) by 2.9% PLUS Multiply the excess of Step 2 over $200,000 ($250,000 ir MFU) by 3.8% Step 5: Stop 3 Stop 4 Total Self Employment tax $11.96 511754 $11.705 $12.668