Estimate taxes and maximize your freelance income with ease. Plan smartly, avoid surprises, and feel confident about your financial future.
Use this tool regularly to stay financially prepared and avoid underpayment penalties.
Freelancers must handle multiple layers of taxation due to their dual role as both employee and employer. Key taxes include:
This calculator estimates your liabilities and net income by analyzing:
Adjusted SE Income = Net Income × 92.35%
Self-Employment Tax = Adjusted SE Income × 15.3%
Federal Tax = Net Income × (Federal Tax Rate ÷ 100)
Total Tax = Federal Tax + Self-Employment Tax
Net Income After Tax = Gross Income - Total TaxJohn earns $120,000 annually with only $5,000 in expenses.
Maria earns between $2,000 and $8,000 monthly with variable expenses.
Start calculating now to take control of your freelance finances and boost your bottom line.
| Item | Calculation | Amount ($) |
|---|---|---|
| Gross Freelance Income | — | $6,000.00 |
| Business Expenses | — | $1,000.00 |
| Net Taxable Income | Gross Income - Expenses | $5,000.00 |
| Adjusted SE Income | Net Income × 92.35% | $4,617.50 |
| Self-Employment Tax | Adj. SE Income × 15.3% | $706.48 |
| Federal Tax (12%) | Net Income × 12% | $600.00 |
| Total Estimated Tax | SE Tax + Federal Tax | $1,306.48 |
| Net Income After Tax | Gross Income - Total Tax | $4,693.52 |
| Edge Case: Zero Income | 0 - Expenses = 0 or Negative | $0.00 |
| Edge Case: High Expenses | $4,000 - $5,000 = -$1,000 | $0.00 |