Enter your tax planning details
The form stays in one main section, while inputs shift to three, two, or one columns across screen sizes.
Example data table
| Example item | Sample value | Why it matters |
|---|---|---|
| Gross self-employment income | $120,000 | Starting point for business earnings. |
| Business expenses | $18,000 | Reduces net profit before tax calculations. |
| W-2 Social Security wages | $25,000 | Offsets the Social Security wage base. |
| Above-the-line adjustments | $3,000 | Reduces adjusted gross income. |
| QBI deduction | $5,000 | Can lower estimated taxable income. |
| Payments already made | $12,000 | Reduces the estimated balance due. |
Formula used
Net profit = Gross self-employment income − Deductible business expenses.
Net earnings for self-employment tax = Net profit × 92.35%.
Social Security tax = Lesser of net earnings or remaining wage base × 12.4%.
Medicare tax = Net earnings × 2.9%.
Additional Medicare tax = Amount above filing-status threshold × 0.9%.
Deductible half of self-employment tax = Self-employment tax ÷ 2.
Adjusted gross income estimate = Net profit + other income − deductible half of self-employment tax − above-the-line adjustments.
Taxable income estimate = Adjusted gross income − standard or itemized deduction − QBI deduction.
Total estimated tax = Federal income tax + state tax + self-employment tax + Additional Medicare tax − credits.
Recommended quarterly payment = Remaining balance due ÷ remaining quarters selected.
How to use this calculator
- Choose your filing status first so the calculator uses the correct standard deduction, bracket set, and Medicare threshold.
- Enter gross self-employment income and deductible business expenses to calculate net profit from your work.
- Add other taxable income and any W-2 wages to reflect mixed income situations more accurately.
- Enter adjustments, itemized deductions, QBI deduction, credits, and any state rate you want to include.
- Add payments already made, then submit the form to see tax totals, balance due, refund estimate, and quarterly guidance.
- Use the CSV or PDF buttons after calculation to keep a planning record for budgeting meetings or client discussions.
Frequently asked questions
1. Does this calculator file my taxes?
No. It is a planning calculator that estimates liability. Use it to review cash flow, compare scenarios, and prepare questions for a tax professional before filing.
2. Why does it ask for W-2 wages?
W-2 wages can affect Social Security wage base limits and Additional Medicare calculations. Entering them helps mixed wage and freelance cases produce a better estimate.
3. What are above-the-line adjustments?
These are deductions taken before taxable income is calculated. Common examples include certain retirement contributions, HSA contributions, and other eligible adjustments.
4. Can I use itemized deductions instead?
Yes. Select the itemized option and enter your deduction amount. The calculator will replace the standard deduction with your custom itemized figure.
5. What if I do not know my QBI deduction?
Leave it at zero until you have an estimate. This keeps the calculation conservative and avoids understating tax liability while planning.
6. Does the state tax field represent exact state law?
No. It applies a simple percentage to taxable income. Use it as a rough planning layer, not as a replacement for state-specific tax calculations.
7. Why can the estimate differ from my final return?
Actual returns can include special deductions, phaseouts, extra forms, local taxes, dependent credits, and filing details that change the final outcome.
8. When should I export the result?
Export after testing a scenario you want to keep. Saved reports make it easier to compare assumptions across quarters, clients, or budget plans.