1099 Tax Calculator
Freelancing shouldn't be a guessing game. Use our professional contractor tool to calculate your self-employment liabilities and net profit after federal tax.
Pro Tip
As a 1099 contractor, you can deduct half of your self-employment tax from your taxable income. Our calculator handles this adjustment automatically for high precision.
1099 Profit Shield
Enter your freelance earnings and expenses to reveal your real income.
The 15.3% Rule
When you are an employee (W-2), your company pays half of your Social Security and Medicare taxes. When you are 1099, you are both the employer and the employee.
"This means you are responsible for the full 15.3% self-employment tax. However, you can deduct the 'employer portion' (7.65%) when calculating your income tax."
Self-Employment Brackets
Social Security is 12.4% (capped at $168,600) and Medicare is 2.9% (uncapped).
Estimated Quarterly Payments
Avoid IRS penalties by paying your estimated taxes in four installments throughout the year.
Professional Deductions Checklist
Home Office
Deduct a portion of your rent/mortgage and utilities based on square footage.
Equipment
Laptops, software subscriptions, and specialized gear (Immediate expense or depreciation).
Internet & Cell
A proportional percentage of your monthly bills used for work purposes.
Professional Fees
Legal advice, accounting services, and professional association dues.