Quarterly Tax Estimator
Estimate your quarterly estimated tax payments.
Calculate how much to pay each quarter based on expected income and deductions.
How Quarterly Estimated Taxes Work
Self-employed individuals, freelancers, and those with investment income must pay taxes in four installments throughout the year. The IRS expects you to pay as you earn — not just at April 15.
Who must pay quarterly taxes:
You owe quarterly taxes if you expect to owe $1,000 or more in federal tax for the year after withholding and credits.
2024 due dates:
| Quarter | Income Covers | Due Date |
|---|---|---|
| Q1 | Jan 1 – Mar 31 | April 15 |
| Q2 | Apr 1 – May 31 | June 17 |
| Q3 | Jun 1 – Aug 31 | September 16 |
| Q4 | Sep 1 – Dec 31 | January 15 (next year) |
Estimated payment formula (safe harbor method):
Quarterly payment = Prior year total tax ÷ 4
If you paid $12,000 in federal tax last year:
Each quarterly payment = $12,000 ÷ 4 = $3,000
Paying 100% of last year’s tax (110% if income > $150,000) avoids underpayment penalties regardless of this year’s actual income.
Current-year method formula:
Quarterly payment = (Estimated annual net income × Tax rate − Expected deductions) ÷ 4
Self-employment tax (SE tax):
Self-employed individuals pay both halves of Social Security and Medicare:
SE tax = Net self-employment income × 0.9235 × 15.3%
The 0.9235 factor accounts for the deductible employer-equivalent half.
State taxes: Most states with income tax also require quarterly estimated payments. Check your state’s schedule — deadlines often differ from federal.
Use IRS Form 1040-ES to calculate and submit payments online at IRS Direct Pay.