Freelance quarterly tax estimator
Get a rough quarterly set-aside for self-employment and income tax.
Set aside each quarter
$0
An estimate only, not tax advice. Runs entirely in your browser.
How to use this estimator
- Enter your net income, which is what you earned after business expenses.
- Enter an estimated income tax rate for your situation.
- Click Calculate to see the total to set aside and the quarterly amount.
How the estimate works
Self-employment tax covers Social Security and Medicare and is 15.3 percent, but it applies to 92.35 percent of net income. Half of it is deductible for income tax. On top of that you owe income tax at your own rate. The total is split into four quarterly payments.
A real example
A freelancer with 80,000 dollars of net income owes self-employment tax plus income tax. Setting aside the quarterly figure into a separate account each quarter avoids a painful bill at year end and possible underpayment penalties.
Common questions
What rate should I enter for income tax?
Use your expected effective federal rate, often around 10 to 15 percent for mid incomes. Add a few points if your state taxes income.
When are quarterly payments due?
US estimated taxes are generally due in April, June, September, and January. Check the IRS for exact dates each year.