For informational purposes only. This tool provides estimates based on your inputs and may differ from actual outcomes. It does not constitute financial advice. Please consult a qualified professional before making financial decisions. Terms
Know exactly what you owe. Calculate SE tax, quarterly payments, and your real take-home.
$0 / mo
23.3% Effective Rate
15.3% of net earnings
Due 4x per year
Max 25% of net self-employment income ($26,250)
Select your state to include state income tax in the calculation.
State Income Tax
Gross income breakdown
Due: April 15
Due: June 15
Due: Sept 15
Due: Jan 15 (next yr)
See how your taxes compare as an employee vs independent contractor.
Take-home pay
W-2 earns more
Take-home pay
W-2 vs 1099 Comparison
Your taxable income of $82,582 falls across these brackets.
Estimated savings based on your $23.3% effective tax rate
SEP IRA
Up to 25% of net SE income
Max Deduction
$26,250
Est. Tax Savings
$6,107
Home Office Deduction
$5/sq ft, max 300 sq ft (simplified)
Max Deduction
$1,500
Est. Tax Savings
$349
Health Insurance Deduction
Self-employed health premiums
Max Deduction
$7,200
Est. Tax Savings
$1,675
Business Vehicle
Standard mileage or actual expenses
Max Deduction
$5,000
Est. Tax Savings
$1,163
Solo 401(k)
Employee + employer contributions
Max Deduction
$50,750
Est. Tax Savings
$11,807
Total potential savings: $21,101 (consult a tax professional for your specific situation)
Upgrade to PRO for the Deduction Optimizer, state tax calculations, W-2 vs 1099 comparison, and detailed quarterly planning.
Insights
Self-employment tax accounts for 12.4% of your gross revenue. The SE tax rate is 15.3% (12.4% Social Security + 2.9% Medicare), applied to 92.35% of net self-employment income.
Unlike W-2 employees who split FICA with their employer, freelancers pay both halves: 15.3% on net earnings. This includes 12.4% Social Security (up to $168,600) and 2.9% Medicare (no cap). The good news: you can deduct half of SE tax from your AGI.
The IRS expects you to pay as you earn. If you owe more than $1,000 at filing time, you may face underpayment penalties. File Form 1040-ES quarterly to stay safe. Your estimated quarterly payment is $6,980.
State income taxes vary dramatically, from 0% in Texas, Florida, and 7 other states to 13.3% in California. Where you live can mean thousands in tax savings. Some states use progressive brackets while others charge a flat rate.
As a 1099 contractor you pay double the FICA (15.3% vs 7.65%), but you can deduct business expenses, contribute more to retirement, and deduct half of SE tax. With enough deductions, contracting can be more tax-efficient.
Your inputs carry over automatically. Just pick a tool.
Calculate your self-employment taxes, quarterly estimated payments, and take-home pay as a freelancer or independent contractor.
Generally 25-35% of gross income. Self-employment tax alone is 15.3%, plus federal and state income taxes. The calculator gives you a precise estimate.
Self-employment tax covers Social Security (12.4%) and Medicare (2.9%), totaling 15.3%. Employees split this with their employer, but freelancers pay both halves.
Yes. Common deductions include home office, equipment, software, health insurance, and business travel. The calculator factors in deductions to show true tax liability.
The Tax-Saving Strategies section shows five key approaches: SEP IRA (up to 25% of net SE income), Home Office Deduction ($5/sq ft simplified method), Health Insurance Deduction (self-employed premiums), Business Vehicle expenses, and Solo 401(k) contributions. Each strategy shows your estimated tax savings based on your effective rate.
