Calculators
Freelance Tax Estimator
Estimate total tax on freelance income, including self-employment tax, federal brackets and state tax, and the share to set aside.
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The tool
Enter your numbers below. Results update as you type, and nothing leaves your browser.
Everything you enter stays on your own machine. Nothing is sent to us or to anyone else, which you can confirm in your browser network tab.
What people use it for
- Deciding how much of each invoice to save
- Year-end tax planning
- Comparing freelance and salaried income
- Budgeting as a new freelancer
About this tool
What the Freelance Tax Estimator does
Freelancers receive income without tax taken off, so they need to set money aside. This estimator works out net profit after expenses, self-employment tax, federal income tax using brackets after the standard and qualified business income deductions, and state tax, then turns the total into a percentage to save from each payment.
Formula
- Profit = income − expenses
- SE tax = profit × 92.35% × 15.3%
- Federal taxable = profit − ½ SE tax − standard deduction − QBI deduction
- Set-aside % = total tax ÷ gross income
Worked example
Using the starting values in the calculator above:
| Input | Value |
|---|---|
| Freelance income | $100,000 |
| Business expenses | $20,000 |
| Standard deduction | $16,100 |
| Qualified business income deduction | 20% |
| State income tax rate | 5% |
| Federal brackets | 7 entries |
| Result | Value |
|---|---|
| Set aside from each payment | 20.4% |
| Estimated total tax | $20,365 |
| Self-employment tax | $11,304 |
| Federal income tax | $5,344 |
| State income tax | $3,717 |
| Profit after tax | $59,635 |
How to read the result
Move the set-aside percentage into a separate account every time you are paid; it makes quarterly payments painless.
The QBI deduction has income limits and restrictions for some service businesses, so confirm eligibility.
Estimates only, not tax advice. Rates and thresholds change; confirm current figures with your tax authority or adviser.
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Questions
Questions about this tool
The things clients actually want to know — costs, timelines, ownership and what happens after launch.
Commonly 25% to 35% of income in the US, depending on income level, state and deductions. This estimator gives a personal figure.
Ordinary and necessary business expenses reduce profit, which lowers both self-employment and income tax.
A deduction of up to 20% of qualified business income for many self-employed people, subject to limits.
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