Freelance Tax Estimator
Estimate your self-employment tax (Schedule SE), federal income tax, state income tax, and quarterly estimated tax voucher payments (IRS Form 1040-ES).
Self-Employed Profit & Tax Variables
Quarterly Voucher (1040-ES)
$5,153
Due 4x per year
15.3% Self-Employment Tax
$12,010
50% deduction: $6,005
Total Tax Liability
$20,610
SE + Fed + State
Recommended Escrow Rate
24.2%
Save from every invoice
Step-by-Step Worked Example
Calculation Steps:
How to Use This Calculator
- 1Enter your projected net self-employed business profit (gross revenue minus business deductions).
- 2Enter any W-2 wages from traditional jobs to accurately apply the Social Security wage cap.
- 3Select your tax filing status (Single or Married).
- 4Input your state income tax rate.
- 5Review your exact self-employment tax, total estimated tax liability, and quarterly payment voucher amounts.
Assumptions & Limitations
- Estimates are based on standard national averages and current prevailing construction materials and contractor rates.
- Actual trade bids may fluctuate according to local building code requirements, permit fees, and site topography.
- Always obtain multiple written bids from licensed, bonded, and insured contractors before commencing work.
Frequently Asked Questions
When are IRS quarterly estimated taxes due each year?
US quarterly estimated taxes are generally due on April 15 (Q1), June 15 (Q2), September 15 (Q3), and January 15 of the following year (Q4).
What happens if I underpay my quarterly estimated taxes?
The IRS charges an underpayment penalty unless you meet safe harbor rules: paying at least 90% of your current year tax liability or 100% of your previous year tax liability (110% if your prior AGI exceeded \$150,000).
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