Tax Estimator for Freelancers

Calculate your tax obligations as a freelancer. Estimate self-employment tax, income tax, and quarterly payments. Includes state tax calculations and tax bracket breakdown.

Tax Estimator for Freelancers

How to Use This Calculator

  1. Enter your annual freelance income
  2. Add your business expenses and deductions
  3. Include retirement contributions
  4. Select your state and filing status
  5. Add any other income and withholding
  6. Include previous quarterly payments
  7. View detailed tax breakdown and quarterly estimates
How the Calculation Works

Income Calculation

1. Adjusted Gross Income (AGI) =

• Annual Freelance Income

• + Other Income

• - Business Expenses

• - Retirement Contributions

• - Other Deductions

2. Net Self-Employment Income = AGI - Business Expenses

Tax Calculations

1. Self-Employment Tax = Net Self-Employment Income × 15.3%

• 12.4% for Social Security

• 2.9% for Medicare

• 50% of SE tax is deductible

2. Federal Income Tax:

• Calculated using 2024 tax brackets

• Progressive rates from 10% to 37%

• Based on taxable income after deductions

3. State Income Tax = Taxable Income × State Tax Rate

• Rate varies by state (0% to 11%)

• Some states have no income tax

Quarterly Estimated Payments

1. Total Tax Due = Federal Tax + State Tax + Self-Employment Tax

2. Remaining Tax = Total Tax - Other Income Withholding - Previous Payments

3. Quarterly Payment = Remaining Tax ÷ 4

Payment Due Dates:

• Q1: April 15

• Q2: June 15

• Q3: September 15

• Q4: January 15 (next year)

Important Notes:

  • This is an estimate based on 2024 tax rates and brackets
  • Actual tax liability may vary based on specific circumstances
  • Consult a tax professional for personalized advice
  • Keep records of all income and expenses for tax filing
  • Consider additional deductions and credits that may apply

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