In more detail
The rate is 15.3% applied to 92.35% of profit. On $50,000 of profit that is $7,065, and half of it is deductible. Self-employed people usually pay it quarterly.
Glossary
Finance
Self-employment tax
Self-employment tax is the US Social Security and Medicare tax paid by people who work for themselves, covering both the employee and employer halves.
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See also
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Glossary
Net pay
Net pay, or take-home pay, is what you receive after taxes and deductions are subtracted from your gross pay.
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Guide
How Paychecks and Taxes Work
Gross to net pay, marginal versus effective tax rates built slice by slice, self-employment tax, freelance rates, raises, commissions.