Freelance Income Calculator

Self-Employment Tax Estimator · Calculate Your Net Income After Taxes

Perfect for Freelancers, Contractors & Gig Workers
Business Income & Expenses
Annual Freelance Income ($)
Business Expenses ($)
Equipment, software, home office, internet, etc.
Filing Status
State Income Tax Rate (%)
Enter 0 if no state income tax
Self-employment tax (15.3%) covers Social Security and Medicare. Federal tax calculated using 2024 brackets.
Your Tax & Income Summary
Tax Breakdown
Net Business Income $0
Self-Employment Tax (15.3%) $0
Federal Income Tax $0
State Income Tax $0
Total Tax $0
Net Income (After Tax) $0
Monthly Breakdown
Monthly Income
$0
Monthly Tax
$0
Monthly Net
$0
Effective Tax Rate
0%
Tax Savings Tip
Track all business expenses
Each $1000 in expenses saves ~$300 in taxes
Common Freelance Scenarios
Self-Employment Tax
Includes Social Security (12.4%) and Medicare (2.9%)
Business Deductions
Reduce taxable income with legitimate expenses
Quarterly Estimates
Plan for estimated tax payments to avoid penalties

Freelance Tax FAQ

What is self-employment tax?
Self-employment tax is 15.3% (12.4% for Social Security + 2.9% for Medicare). Unlike employees who split this with employers, freelancers pay the full amount.
What business expenses can I deduct?
Common deductions: home office, equipment, software, internet, phone, marketing, education, health insurance premiums, retirement contributions, and vehicle expenses.
Do I need to pay quarterly taxes?
Yes, if you expect to owe $1,000+ in taxes. Quarterly payments are due April 15, June 15, September 15, and January 15.
Can I deduct home office?
Yes, if you have a dedicated space used regularly and exclusively for business. Use the simplified method ($5/sq ft) or actual expenses method.
What's the QBI deduction?
Qualified Business Income deduction allows eligible freelancers to deduct up to 20% of their qualified business income, reducing federal tax.
How much should I save for taxes?
Aim to save 25-30% of your freelance income for federal + state taxes. Use this calculator to determine your exact percentage.
freelance tax calculator self employment tax 1099 tax calculator independent contractor tax gig worker taxes quarterly tax estimator

Freelance Income Calculator - Self-Employment Tax Estimator

Our Freelance Income Calculator helps independent contractors, freelancers, and gig workers estimate their tax liability. Calculate self-employment tax, federal income tax, state tax, and your net take-home pay.

Why use this calculator? Freelancers pay both income tax and self-employment tax (15.3%). This calculator shows your complete tax picture so you can plan for quarterly payments and understand your true net income.

Key features: Business expense deductions, multiple filing statuses, state income tax, monthly breakdown, and effective tax rate. Perfect for tax planning, setting rates, and saving for estimated tax payments.

Tax saving strategies: Track all business expenses, contribute to SEP IRA or Solo 401(k), consider home office deduction, and make estimated quarterly payments to avoid penalties.