Freelancer Tax Estimator
Estimate quarterly taxes for US self-employed freelancers. Calculates self-employment tax, federal income tax, and state tax.
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Self-employed freelancers and independent contractors can estimate their quarterly IRS tax payments. Helps avoid underpayment penalties by spreading annual tax liability across four quarterly payments. Useful for financial planning and cash flow management throughout the year.
The Formula
Self-Employment Tax = 15.3% × 92.35% of net earnings. Federal taxable income = Net Income − 1/2 SE Tax − Standard Deduction. Federal Income Tax uses 2024 progressive brackets. State Tax = State Rate % × Net Income. Quarterly Payment = Annual Total / 4.
Fun Fact: The IRS estimates that over 25% of freelancers underpay their quarterly estimated taxes and face penalties. Using this calculator helps you stay on track and avoid surprises at tax time!
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