Question 1

What is the self-employment tax rate?

Accepted Answer

The self-employment tax rate is 15.3% on 92.35% of your net earnings. This consists of 12.4% for Social Security (up to the $176,100 wage base) and 2.9% for Medicare. You can deduct half of your self-employment tax from your taxable income.

Question 2

How much should I set aside for 1099 taxes?

Accepted Answer

A good rule of thumb is to set aside 25-35% of your 1099 income for taxes. The exact amount depends on your income level, filing status, state, and deductions. This calculator gives you a personalized estimate.

Question 3

When are quarterly taxes due?

Accepted Answer

Quarterly estimated tax payments are due on April 15 (Q1), June 15 (Q2), September 15 (Q3), and January 15 of the following year (Q4).

Question 4

Is this calculator accurate?

Accepted Answer

This calculator provides a reasonable estimate for planning purposes. It uses 2026 estimated federal brackets, simplified state effective rates, and standard QBI and self-employment tax calculations. For exact filing, consult a CPA or tax professional.

1099 Tax Calculator