dmertz
Level 15

Deductions & credits

"These taxes will be 15.3% of your profit for the year."

 

That's slightly inaccurate.  SE tax will generally be 15.3% of 92.35% of net profit because a portion of SE tax is considered to be the employer portion that reduces the amount of net profit.  That means that SE tax is typically about 14.13% of net profit.