Freelance Income Tax Calculator — Estimate Self-Employment Tax
Free freelance tax calculator. Estimate your self-employment tax and quarterly payments.
Formula: Net Income × Self-Employment Tax Rate (15.3%) + Income Tax
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What Is This Calculator?
Freelancers and self-employed individuals must pay self-employment tax (15.3% for Social Security and Medicare) in addition to income tax. This calculator estimates your total tax liability and quarterly payment amounts. Many freelancers are surprised by the SE tax burden.
How to Calculate
To estimate freelance taxes: 1) Calculate net income (gross income minus deductible expenses). 2) Calculate SE tax: net income × 0.9235 × 15.3%. 3) Calculate income tax: net income × your tax bracket rate. 4) Divide total by 4 for quarterly payments. Note: This is an estimate — consult a tax professional.
Examples
Example: $100,000 gross income, $20,000 expenses. Net = $80,000. SE tax = $80,000 × 0.9235 × 0.153 = $11,304. Income tax at 22% = $80,000 × 0.22 = $17,600. Total estimated tax = $28,904. Quarterly payment = $7,226.
Recommended Tools
TurboTax Self-Employed and QuickBooks Self-Employed can track deductions and estimate quarterly taxes automatically.
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