🧾 Freelancer Quarterly Tax Calculator
Estimate your US federal quarterly tax payments. Covers self-employment (SE) tax at 15.3% plus income tax based on your bracket. Based on IRS Form 1040-ES methodology.
Estimate your quarterly payment
IRS quarterly due dates: Apr 15 · Jun 16 · Sep 15 · Jan 15
Formula & Sources
SE Tax Base = Net Income × 0.9235 (IRS SE adjustment)SE Tax = SE Tax Base × 0.153 (12.4% SS + 2.9% Medicare)SE Deduction = SE Tax × 0.50 (above-the-line deduction)Taxable Income = Net Income − SE DeductionIncome Tax = apply 2024 federal brackets to Taxable IncomeQuarterly Payment = (SE Tax + Income Tax) ÷ 4Sources:IRS Form 1040-ES (irs.gov) ·IRS SE Tax Rate (irs.gov) ·IRS Topic 560 — SE Tax (irs.gov).
How freelancer quarterly tax works
Self-employment tax is 15.3% — 12.4% for Social Security and 2.9% for Medicare. But you pay that on 92.35% of net income, not 100%. The IRS applies a 0.9235 multiplier because employees only pay the employee side (7.65%) — freelancers pay both sides, so the IRS gives a small adjustment to equalize it.
The part most freelancers miss: you can deduct half of your SE tax before calculating income tax. On $60,000 net income, that deduction is roughly $4,239. It won't eliminate your income tax bill, but it reduces your taxable income before the brackets apply.
Quarterly payments are due April 15, June 16, September 15, and January 15. Miss one and the IRS charges an underpayment penalty — currently 8% annualized on the amount owed for that quarter.
Frequently asked questions
What is self-employment tax?
It's 15.3% of your net self-employment income. It covers Social Security (12.4%) and Medicare (2.9%). Employees split this with their employer — freelancers pay both sides themselves.
Do I owe quarterly taxes if I also have a W-2 job?
Maybe not. If your W-2 withholding covers your total tax liability, you may not need quarterly payments. Check IRS Form 1040-ES or use the IRS withholding estimator at irs.gov to confirm your specific situation.
What happens if I miss a quarterly payment?
The IRS charges an underpayment penalty — currently 8% annualized on the underpaid amount. It's not huge per quarter, but missing multiple quarters adds up. File on time even if you can't pay in full.
What counts as net self-employment income?
Gross business revenue minus legitimate business expenses. If you earned $80,000 and spent $20,000 on software, equipment, and contractors, your net SE income is $60,000. Enter that number here.
Should I set aside 25% or 30% of income for taxes?
25–30% works for most US freelancers in mid-range income brackets. Above $100K net, set aside closer to 35%. Use this calculator to get your actual quarterly number so you're not guessing.
Note: Results are estimates based on IRS published 2024 tax rates. Does not account for state taxes, deductions, credits, or other income sources. Consult a licensed tax professional for your specific situation.