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Financial Calculators

Freelancer Tax Calculator

Estimate your quarterly tax payments for self-employment. Calculate self-employment tax, federal income tax, and state taxes.

Income

$80,000
$10,000

Deductions

$0

SEP-IRA, Solo 401(k), etc. (up to $66,000 in 2024)

$0

Filing Status

5%

Quarterly Estimated Tax

$4,824

Total Annual Tax: $19,296

Effective Tax Rate: 27.6%

Tax Breakdown

Social Security (12.4%)$8,016
Medicare (2.9%)$1,875
Self-Employment Tax$9,891
Federal Income Tax$6,153
State Tax$3,253
Total Tax$19,296

Quarterly Due Dates

QuarterDue DateAmount
Q1April 15, 2026$4,824
Q2June 15, 2026$4,824
Q3September 15, 2026$4,824
Q4January 15, 2027$4,824

Income Summary

Gross Income$80,000
Business Expenses-$10,000
Net Self-Employment Income$70,000
Standard Deduction$14,600
Taxable Income$50,455

How Are Freelancer Taxes Calculated?

Self-employed individuals pay self-employment tax (15.3%) plus federal income tax based on taxable income. The IRS requires quarterly estimated payments if you expect to owe $1,000 or more.

Self-Employment Tax

SE tax is 15.3% of net earnings: 12.4% for Social Security (up to $168,600 in 2024) and 2.9% for Medicare (no limit). You can deduct half of your SE tax from your income.

Tax Tips for Freelancers

  • 1Track all business expenses - they directly reduce your taxable income
  • 2Open a SEP-IRA or Solo 401(k) to save on taxes and build retirement savings
  • 3Set aside 25-30% of income for taxes to avoid surprises
  • 4Make quarterly payments on time to avoid penalties
  • 5Consider working with a CPA for complex situations

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