Side Income Tax Calculator
Estimate taxes owed on side income including self-employment tax, federal tax, and net profit.
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Side Income Tax Estimate
Side income (freelance, gig work, 1099 income) is subject to both income tax and self-employment tax.
Self-employment tax (2024):
- Social Security: 12.4% (on first $168,600)
- Medicare: 2.9% (on all income)
- Total: 15.3%
- You can deduct half of SE tax from gross income
How it works:
- Start with gross side income
- Subtract business expenses = Net profit
- Calculate SE tax: Net profit × 0.9235 × 15.3%
- Calculate income tax based on your tax bracket
- Total tax = SE tax + Income tax on side income
Common deductible business expenses:
- Home office, supplies, equipment
- Vehicle mileage ($0.67/mile in 2024)
- Software subscriptions, internet
- Professional services, advertising