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1099 Tax Estimator
Free 1099 tax estimator for US freelancers and independent contractors. Calculate your self-employment tax (15.3%), federal income tax, and quarterly payment schedule based on your 1099 income and filing status. 2024 tax year rates.
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Frequently Asked Questions
What is self-employment tax?
Self-employment (SE) tax covers Social Security (12.4%) and Medicare (2.9%), totalling 15.3%. Employees split this with their employer. As a 1099 contractor, you pay both halves. SE tax is calculated on 92.35% of your net self-employment income.
Can I deduct half of my self-employment tax?
Yes. The IRS allows you to deduct 50% of your SE tax from your gross income when calculating federal income tax. This tool automatically applies that deduction to give you a more accurate income tax estimate.
When are quarterly estimated tax payments due?
Quarterly estimated payments are generally due on: April 15 (Q1), June 15 (Q2), September 15 (Q3), and January 15 of the following year (Q4). If you expect to owe $1,000 or more in taxes, the IRS requires you to make quarterly payments to avoid underpayment penalties.
Does this include state income tax?
No - this estimator covers federal income tax and self-employment tax only. Most US states also tax income, with rates typically ranging from 0% to 13.3% (California). Add your state rate separately to get a complete picture.
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