1099 Tax Calculator
Contractors and freelancers don't have taxes withheld from 1099 income. Enter your net profit to estimate your self-employment tax, federal income tax and how much to set aside each quarter.
Estimate only. Based on 2024 figures: 15.3% self-employment tax (12.4% Social Security up to the $168,600 wage base + 2.9% Medicare) and the 2024 federal income tax brackets. Does not include state tax or business credits.
Taxes on 1099 income
A 1099 reports income paid to you as an independent contractor — no employer withheld federal tax, Social Security or Medicare. That means you're responsible for both the 15.3% self-employment tax and federal income tax on your profit.
Because nothing is withheld, the IRS expects you to pay as you go through quarterly estimated payments. A good rule of thumb is to set aside 25–30% of each payment for taxes; the calculator above gives you a tailored quarterly figure.
Want the underlying breakdown explained? Self-employment tax calculator.
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