Estimate your total freelance taxes including self-employment tax, income tax, and quarterly payment amounts.
20.9% effective rate
| Net Profit | $72,000 |
| Self-Employment Tax (15.3%) | $10,173 |
| SE Tax Deduction (½) | -$5,087 |
| Adjusted Gross Income | $66,913 |
| Taxable Income | $52,313 |
| Federal Income Tax | $6,562 |
| Total Tax | $16,735 |
| Quarterly Payment | $4,184 |
| Estimated Take-Home | $55,265 |
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SE Tax = Net Profit × 0.9235 × 15.3%
AGI = Net Profit − (SE Tax / 2) + Other Income
Taxable Income = AGI − Standard Deduction
Self-employment tax is 15.3%: 12.4% Social Security (up to $160,200) + 2.9% Medicare. You can deduct half of SE tax from your income.
Net profit = gross income minus business expenses. Only net profit (not gross revenue) is subject to self-employment tax.
Yes. If you expect to owe $1,000+ in taxes, the IRS requires quarterly estimated payments (April, June, September, January).
Home office, equipment, software, health insurance premiums (100% deductible), retirement contributions (SEP-IRA, Solo 401k), and business expenses.
Calculations are for educational purposes only. Consult a qualified financial advisor for personalized advice.