US Self-Employment & 1099 Tax Calculator
Calculate 15.3% SECA self-employment tax, Schedule C net profit deductions, and IRS quarterly estimated tax payments (Form 1040-ES).
Calculate 15.3% SECA self-employment tax, Schedule C net profit deductions, and IRS quarterly estimated tax payments (Form 1040-ES).
Calculate 15.3% SECA self-employment tax, Schedule C net profit deductions, and IRS quarterly estimated tax payments (Form 1040-ES). Calculate exact, penny-accurate projections compliant with 2026 IRS • St. Louis FED (FRED) standards using Calconova's deterministic IEEE-754 (Decimal.js) calculation engine with instant breakdowns.
Based on your numbers, set aside approximately 27% of every client invoice into a separate high-yield business savings account for quarterly taxes.
SE Tax = (Net Profit × 0.9235) × 15.3% (SS 12.4% up to $168,600 + Medicare 2.9% + Add'l 0.9%)Self-employed earnings are evaluated under IRC Section 1401 and Schedule SE. After computing net profit (Gross 1099 Income minus Schedule C Deductions), the 92.35% statutory multiplier applies. Precision IEEE-754 decimal arithmetic computes exact quarterly estimated payments without roundoff error.
Pre-calculated benchmark tables across different budgets, terms, and rate models.
All calculations, amortizations, and scenario projections displayed on this page are strictly for informational and educational purposes. Nothing herein constitutes investment, financial, tax, underwriting, or legal advice. Actual interest rates, closing costs, lender fees, and statutory criteria may vary. Calconova explicitly disclaims all liability for any financial decisions or actions taken based upon these calculations. Users are strongly advised to consult a certified financial planner, CPA, or licensed lending officer prior to executing financial commitments.
Self-Employment Tax consists of Social Security (12.4%) and Medicare (2.9%) taxes for individuals who work for themselves (such as 1099 contractors, freelancers, and small business owners). While traditional W-2 employees split these taxes equally with their employers (7.65% each), self-employed individuals pay the full 15.3% rate because they act as both employer and employee.
The IRS allows self-employed individuals to multiply their Schedule C net earnings by 92.35% (0.9235) before applying the 15.3% rate. This deduction mirrors the employer portion of FICA that regular corporations deduct as a business expense.
The IRS requires self-employed individuals to pay taxes in four quarterly installments: Q1 (Jan 1 - Mar 31) due April 15; Q2 (Apr 1 - May 31) due June 15; Q3 (Jun 1 - Aug 31) due September 15; and Q4 (Sep 1 - Dec 31) due January 15 of the subsequent year. Failing to make quarterly payments if you owe more than $1,000 can trigger underpayment penalties.
You can deduct half of your total self-employment tax on Schedule 1 (Form 1040, Line 15) as an 'above-the-line' deduction. This directly reduces your Adjusted Gross Income (AGI) before calculating Federal Income Tax, saving you hundreds or thousands of dollars.
Project retirement savings with employer match, compound returns, and IRS annual contribution limits.
Calculate 2026 IRS tax brackets, standard deduction, Social Security, Medicare, and take-home pay.
Calculate combined state and municipal sales tax for all 50 US states.