1099 Tax Calculator USA (2024-2025) | Freelancer Tax Estimator

1099 Tax Estimator

For USA Freelancers & Independent Contractors (2024-2025)

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Total 1099 Gross Income

Total income before any expenses.

Total Business Expenses

Home office, software, supplies, etc.

Filing Status

Single Married Filing Jointly Head of Household

Federal Estimated Taxes Paid

Total quarterly payments for this tax year.

Your Estimated Tax Situation

Calculation Breakdown

Gross Income:

Business Expenses:

Net Earnings:

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Est. Self-Employment Tax:

Est. Federal Income Tax:

Total Estimated Tax:

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Taxes Already Paid:

Disclaimer: This is an estimate for informational purposes only. Consult a tax professional for accurate advice.

Frequently Asked Questions (FAQ)

What is a 1099-NEC form?

The 1099-NEC (Nonemployee Compensation) form is used by businesses to report payments of $600 or more made to independent contractors or freelancers. If you receive this form, you are considered self-employed by the IRS and must report this income on your tax return, typically using a Schedule C.

How is self-employment tax calculated?

Self-employment tax is a combination of Social Security (12.4%) and Medicare (2.9%) taxes, for a total of 15.3%. This tax is calculated on 92.35% of your net earnings from self-employment. It's important to remember this is separate from and in addition to your regular federal income tax.

What common expenses can freelancers deduct?

As a freelancer, you can deduct expenses that are both "ordinary" and "necessary" for your business. Common examples include: home office deduction, business software and subscriptions, marketing and advertising costs, business travel, office supplies, professional development courses, and a portion of your health insurance premiums. Keeping detailed records is crucial for maximizing your deductions.

Is this calculator a substitute for professional tax advice?

No. This tool provides an estimate based on standard tax rules and should be used for educational and planning purposes only. Tax laws are complex, can change, and individual situations vary. This calculator does not account for all possible credits, deductions, or state taxes. For accurate tax filing, it is highly recommended to consult a qualified accountant or tax professional.