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Self-Employed Tax Calculator
Estimate your net income after self-employment tax and federal income tax as a freelancer or independent contractor.
Software, equipment, home office, etc.
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Frequently Asked Questions
What is self-employment tax?
Self-employed individuals pay both the employee (6.2% SS + 1.45% Medicare = 7.65%) and employer (7.65%) portions of FICA — totaling 15.3% on net self-employment income up to the SS wage base. You can deduct half of SE tax from your income before calculating income tax.
How much should I save for taxes as a freelancer?
A common rule: save 25-30% of every payment for taxes. Higher earners (over $100k) should save 30-35%. Use quarterly estimated tax payments to avoid underpayment penalties. Business expenses, retirement contributions (Solo 401k, SEP-IRA), and the SE tax deduction reduce your taxable income.