Your "self-employment tax" covers Social Security and Medicare, too.
Self-employment tax includes Social Security and Medicare taxes for both the side you may be used to paying as a W-2 employee, as well as the side an employer would normally pay. So, while it can feel like double, you’re responsible for the dual role you hold as a freelancer of both employer and employee.
The tax estimates you see in Ruby Money take into account Social Security and Medicare. That’s called "self-employment tax," it's a flat 15.3% and we make sure that's accounted for.
Learn more about how Ruby Money helps you pay your taxes as a freelancer.