Freelance Tax Calculator
Estimate your quarterly self-employment taxes. Calculate federal, state, and self-employment tax obligations.
Total revenue before expenses
Deductible business expenses (software, equipment, etc.)
Your state's income tax rate (0 for states with no income tax)
Disclaimer
This calculator provides estimates only. Consult a tax professional for accurate tax planning.
Pay Quarterly: Don't wait until tax day. Set aside money each quarter to avoid penalties and interest.
Track Everything: Keep detailed records of all business expenses. More deductions = lower tax bill.
Common Deductions: Home office, internet, phone, software, equipment, travel, education, and health insurance.
Get Help: Consider working with a CPA who specializes in freelance taxes. They often save you more than they cost.
Understanding Freelance Taxes
As a freelancer or self-employed individual, you're responsible for paying both the employee and employer portions of Social Security and Medicare taxes. This is called self-employment tax and is 15.3% of your net business income.
What Are Quarterly Estimated Taxes?
The IRS requires freelancers to pay taxes quarterly if they expect to owe $1,000 or more in taxes. These payments are due four times per year: April 15, June 15, September 15, and January 15.
How to Calculate Your Tax Payments
Start with your gross income, subtract business expenses to get net income, then apply self-employment tax (15.3%) and income tax rates. Don't forget standard deductions and the deduction for half of your self-employment tax.
Reducing Your Tax Burden
- • Maximize business expense deductions
- • Contribute to a SEP IRA or Solo 401(k)
- • Deduct health insurance premiums
- • Take the home office deduction if eligible
- • Track mileage for business travel