Side Hustle Tax Calculator
Estimate taxes on your side hustle, freelance, or gig economy income.
Calculate self-employment tax, income tax, and your actual take-home pay.
Side Hustle Tax Estimate
Side Hustle Tax Components (US):
-
Self-Employment Tax: 15.3% of 92.35% of net earnings
- Social Security: 12.4% (on first $168,600 for 2024)
- Medicare: 2.9% (no limit)
-
Income Tax: Based on your total income and tax bracket
-
Deductible portion: You can deduct 50% of self-employment tax from income
Quick Estimate: For most side hustlers, expect to pay roughly 25-35% of net profit in total taxes.
Important deductions to reduce your tax:
- Home office expenses
- Business supplies and equipment
- Mileage (67 cents per mile in 2024)
- Phone and internet (business portion)
- Health insurance premiums
Quarterly estimated taxes: If you expect to owe $1,000+ in taxes, you must pay quarterly estimates to avoid penalties.