Side-Hustle Tax Set-Aside Calculator
Freelance and creator income usually has no tax taken out. Work out how much of each payment to set aside, so tax time is not a surprise.
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A rough estimate to help you plan, not tax advice. Tax rules depend on where you live and your situation; check with a tax professional or the IRS.
How to use it
- Enter your income tax rate: your federal bracket plus any state rate.
- Enter roughly what share of your income goes to business costs.
- Add payments as they come in to see your total set-aside.
Good to know
In the US, self-employment tax covers Social Security and Medicare. It is 15.3% of 92.35% of your profit, about 14.1%, and the Social Security part stops above a yearly earnings limit.
If you expect to owe $1,000 or more for the year, the IRS generally expects quarterly estimated payments.
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