Estimate your IRS 1040-ES quarterly tax payments for freelancers and contractors.
Per Quarter
$4,875
Disclaimer: This is a simplified estimation tool. Tax laws change frequently. Always verify with the official IRS guidance on Estimated Taxes or consult a tax professional.
This tool estimates the four IRS tax payments required for self-employed individuals and business owners. Because taxes aren't withheld from 1099 checks automatically, you must pre-pay your estimated income and self-employment taxes four times a year.
Freelancers, independent contractors, small business owners, and gig economy workers. If you have significant side income, use this alongside our 1099 freelance tax calculator to avoid massive April tax bills.
Example Input
Expected annual net profit: $100,000. Single filer. No W-2 income.
Sample Output
You will owe approximately $15,300 in self-employment tax plus federal income tax. Your estimated quarterly payment to the IRS will be around $5,500 per quarter.
Example Input
$80,000 W-2 salary with taxes withheld normally. $20,000 net profit from a side business.
Sample Output
Because your W-2 covers your baseline taxes, the $20,000 is taxed at your marginal bracket plus self-employment tax. Expect to pay roughly $1,500 per quarter for the side hustle.
Don't get hit with an underpayment penalty. Run this calculator at the end of every quarter (March, June, September, December) to true up your estimates based on your actual net profit. If you are comparing a W-2 offer to a freelance gig, read our freelancer vs employee cost breakdown.
Never estimate taxes based on your gross revenue. Always subtract your qualified business deductions (software, home office, mileage) to find your Net Profit, and use that number. Pair this with our business break-even calculator to ensure your pricing models remain profitable post-tax.
The biggest mistake freelancers make is spending their tax money. Always move 25-30% of every client payment into a separate bank account. Understand how self-employment tax (FICA) stacks on top of ordinary brackets by reading our freelancer and employee cost guide.
For the IRS, estimated tax payments are typically due on April 15th, June 15th, September 15th, and January 15th of the following year.
If you owe more than $1,000 when you file your annual return, the IRS applies an underpayment penalty, which is essentially an interest charge on the money you should have paid throughout the year.
Not necessarily. If you increase the tax withholding on your W-2 job (using a W-4) enough to cover the taxes owed from your side hustle, you can avoid making separate quarterly payments.
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