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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 amounts earned between 46,351 pounds and 150,000 pounds.

Read more visit here - Tax Calculator: How to calculate your Self-Employment Income Tax in 2018?

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