Self Employed Tax Calculator (1099)

Estimate your federal income tax, self-employment tax, and quarterly estimated payments

Gross income from your 1099 work, side hustle, or small business.

Deductible expenses: supplies, home office, mileage, software, etc.

Standard deduction varies by filing status.

W-2 wages, interest, dividends, etc. from other sources.

IRA contributions, student loan interest, HSA, etc. above-the-line deductions.

Net Self-Employment Income $0
Self-Employment Tax (15.3%) $0
Federal Income Tax $0
Total Estimated Tax $0
Effective Tax Rate 0%

Quarterly Estimated Tax

Pay $0 each quarter (4 payments/year) to avoid IRS underpayment penalties.

Tax Breakdown

Gross Income $0
Standard Deduction $0
Take-Home After Tax $0

What is Self-Employment Tax?

Self-employment tax (SE tax) is the Social Security and Medicare tax paid by freelancers, independent contractors, and small business owners. It's equivalent to the FICA taxes withheld from W-2 employees' paychecks, but as a 1099 worker, you pay both the employer and employee portions — for a total of 15.3%.

How Self-Employment Tax Works

  • 12.4% for Social Security (on first $168,600 of net income in 2024)
  • 2.9% for Medicare (on all net income, no cap)
  • 50% deduction — you can deduct half of your SE tax as an adjustment to income

Do You Need to Pay Quarterly Estimated Taxes?

If you expect to owe $1,000 or more in taxes when you file your return, the IRS requires you to make quarterly estimated tax payments. Missing these deadlines results in underpayment penalties and interest.

Quarterly deadlines are typically: April 15, June 15, September 15, and January 15 of the following year.

Frequently Asked Questions

How much should I set aside for self-employment taxes?

A general rule of thumb is 25-30% of your net self-employment income. If you earn $100,000 profit, set aside $25,000-$30,000 for taxes. Use the calculator above for a more precise estimate.

Can I deduct home office expenses?

Yes! If you use part of your home exclusively for business, you can deduct a portion of your rent/mortgage, utilities, and internet. The simplified method is $5 per square foot, up to 300 square feet ($1,500 max).