Thrivelance Tools
Estimate what you'll owe the IRS as a 1099 contractor or freelancer. Enter your net profit and filing status to see self-employment tax (15.3%), estimated federal income tax, your total bill, and how much to set aside each quarter. Uses 2025 tax-year rates.
Figures update as you type. Enter profit after business expenses — not gross revenue.
Self-employment tax
$11,304
15.3% on 92.35% of profit.
Est. federal income tax
$8,481
After the standard deduction.
Total estimated tax
$19,785
SE tax + income tax.
Set aside each quarter
$4,946
Total ÷ 4 estimated payments.
It's how the self-employed pay Social Security and Medicare. Employees split this 15.3% with their employer; when you're 1099, you cover both halves on 92.35% of your net profit. You do get to deduct half of it against your income tax.
Tax is on net profit — revenue minus legitimate business expenses (software, equipment, home office, mileage). The more you track deductible expenses, the lower your taxable profit and your bill.
The IRS expects taxes as you earn. If you'll owe $1,000 or more, you generally make estimated payments four times a year. Plan them with the Quarterly Tax Calculator, or work out how much of each invoice to bank with the Tax Set-Aside Calculator.
This is a federal estimate using the standard deduction. It excludes state income tax, tax credits, the QBI deduction, and W-2 income. Treat it as a planning figure, not a filed return — confirm with a tax pro.
Common questions about this calculator.
Self-employment tax is 15.3% — 12.4% for Social Security and 2.9% for Medicare — applied to 92.35% of your net profit. Social Security stops at the $176,100 wage base for 2025; Medicare has no cap.
A common rule of thumb is 25–30% of your income. The calculator shows your actual effective rate, which combines self-employment tax and estimated federal income tax, so you can set aside a precise amount.
Profit. Enter your net self-employment income after deducting business expenses, not your gross revenue. Lowering taxable profit with legitimate deductions reduces the tax.
It's a federal estimate using the standard deduction. It excludes state income tax, tax credits, the QBI deduction, and any W-2 income. Use it for planning and confirm with a tax professional.
