What is the tax rate for self-employment income?

In Virginia, the tax rate for self-employment income is based on your federal income tax rate. The rate for federal income tax is progressive, meaning it increases with higher incomes. For people who are filing as individuals, the rate range from 10% for those with incomes between 0-9,325 USD to 37% for those with incomes of over 510,300 USD. In addition to federal income taxes, self-employed individuals must also pay the federal self-employment tax, which is 15.3% of net self-employment income. This tax is used to fund Social Security and Medicare programs. In Virginia, the personal income tax rate for individuals is 5.75%. This rate is based on federal adjusted gross income, before any deductions or exemptions, and is subject to change based on cost of living adjustments. Individuals are also subject to a local income tax, which varies by city. Self-employed individuals must also pay this local income tax on their net self-employment income. In summary, the total tax rate for self-employment income in Virginia is around 20.05-25.75%, depending on your net income; federal income taxes ranging from 10-37%, federal self-employment tax of 15.3%, and local income taxes varying by city.

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What is the tax rate for self-employment income?

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