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What is a Tax Calculator? What is the self-employment tax? A tax calculator is a tax estimator tool and should be used to calculate and individual’s estimated total tax liability. A tax calculator is not intended to serve as an online preparation tool for income tax returns . How to calculate your Self-Employment Income Tax in 2018 Income Tax is one of the most important financial obligations for every self-employed person in the UK and is imposed on the income or profits of individuals in a given tax year. Do I have to pay self-employment taxes? How is the self-employment income tax calculated? A self-employed person pays income tax on the profits earned in the business rather than the gross income which is the total amount earned. How do I calculate how much I owe for the self-employment tax? What percentage is self-employment tax? For the 2018-19 tax year, the basic income tax rate is 20 percent, applying to earnings between 11,851 pounds and 46,350 pounds. For amo...