Freelance Tax Estimator
Estimate your federal, state, and self-employment taxes as a freelancer. Calculate quarterly payment amounts to stay compliant with the IRS.
Tax Information
Total income before expenses
Deductible business expenses
Amount already paid this year
Tax Estimate
Tools to make freelance taxes painless
Stop dreading quarterly payments. These tools automate expense tracking, deductions, and filing.
TurboTax Self-Employed
Tax FilingFile your freelance taxes with confidence. Automatically finds deductions specific to your industry.
QuickBooks
AccountingTrack expenses year-round so quarterly tax time is painless. Integrates directly with TurboTax.
FreshBooks
AccountingAutomated expense tracking and tax-ready reports. Know your deductions before tax season hits.
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Understanding Freelance Taxes
Types of Taxes Freelancers Pay
- Federal Income Tax: Based on your total income and filing status
- Self-Employment Tax: 15.3% for Social Security (12.4%) and Medicare (2.9%)
- State Income Tax: Varies by state (some states have no income tax)
- Additional Medicare Tax: 0.9% on income over $200,000 (single) or $250,000 (married filing jointly)
2024 Tax Year Information
This calculator uses the 2024 tax brackets and standard deductions. The self-employment tax rate remains 15.3% (12.4% for Social Security on income up to $160,200, and 2.9% for Medicare on all income).
Quarterly Payment Schedule
- Q1 (Jan-Mar): Due April 15
- Q2 (Apr-May): Due June 15
- Q3 (Jun-Aug): Due September 15
- Q4 (Sep-Dec): Due January 15 (next year)
Business Deductions
Common business expenses freelancers can deduct:
- Home office expenses
- Equipment and software
- Professional development and courses
- Business insurance
- Marketing and advertising costs
- Professional memberships and subscriptions
Disclaimer: This calculator provides estimates based on 2024 tax brackets and rates. Consult with a tax professional for personalized advice and to ensure compliance with all tax obligations.