Freelancer Tax Estimator
Estimate your freelance taxes including self-employment tax, federal income tax, and quarterly payments.
Built for gig workers and independent contractors.
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Estimated Freelancer Tax
Freelancers and gig workers pay both income tax and self-employment (SE) tax.
Self-Employment Tax (2024):
- Social Security: 12.4% on first $168,600 of net earnings
- Medicare: 2.9% on all net earnings
- Additional Medicare: 0.9% on earnings above $200,000
How it works:
- Start with gross income minus business expenses = net profit
- Multiply net profit by 92.35% to get SE tax base
- Calculate SE tax (15.3% up to Social Security cap, then 2.9%)
- Deduct half of SE tax from income for income tax purposes
- Apply standard deduction, then calculate income tax using brackets
Quarterly estimated payments are due: April 15, June 15, September 15, and January 15.
This is a simplified estimate. Consult a tax professional for your specific situation.