Free tool
Self-employment tax set-aside calculator
A rough estimate of how much of your freelance income to set aside for taxes this year: self-employment tax, plus federal and state income tax at the effective rates you enter. It's a planning estimate, not a tax calculation; a tax professional can give you a real number. Nothing is stored.
Set aside about
24% of every payment
- Self-employment tax
- $7,347
- Federal income tax
- $4,833
- State income tax
- $2,080
- Total for the year
- $14,260
Rough quarterly estimated payment: $3,565
Self-employment tax = 15.3% of 92.35% of net earnings (if $400 or more), with half deducted before income tax. Ignores the Social Security wage base, extra Medicare tax, credits and other deductions. A rough planning estimate only, not tax advice.
Next steps
- Move the money every time you're paid. See a separate account for freelance money.
- Put the dates in your calendar. See the quarterly estimated tax calendar.
- Lower the bill legitimately. See common freelance deductions.