Free calculator
How much should you set aside for taxes?
Enter what you earned and what you spent. Pick a tax rate. See the amount to move into a separate savings account, before it gets spent.
Not sure what to use? See “Picking a rate” below.
Move this into savings
$0
for this quarter, at 30% of profit
- Profit
- $0
- Left for you
- $0
- Per $1,000 you invoice
- $0
- If every quarter looks like this
- $0 a year
Type your income above and the numbers fill in.
This multiplies your profit by a rate you choose. It isn't tax advice and it doesn't work out what you'll actually owe.
Picking a rate
In the US, self-employment tax is generally around 15.3% of most of your net profit (Social Security and Medicare), and income tax comes on top of that. That is why 25–35% is a common starting range for freelancers.
Where you land depends on how much you earn, which state you live in and what you can deduct. If you're not sure, start at 30% and ask an accountant to check it. It's better to set aside a little too much than a little too little.
Outside the US the rate is simply a number you choose, so the calculator works the same way.
For the current rules and payment dates, see the IRS page on estimated taxes, or read how much a freelancer should set aside.
Want this done for every payment?
The Quarterly spreadsheet works out the set-aside each time you log an invoice, tracks your expenses, and gives your accountant a one-page summary at year end.
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