💼 Side Hustle Tax Calculator
Estimate self-employment and income taxes on freelance/gig income.
Equipment, software, mileage, home office, supplies, etc.
Affects your marginal tax bracket. Enter 0 if no day job.
Take-Home from Side Hustle
$15,568
Effective tax rate: 29.2%
Tax Breakdown
Net Profit$22,000
Self-Employment Tax (15.3%)-$3109
Federal Income Tax (on SE)-$3323
State Tax (0%)-$0
Total Tax-$6432
Quarterly Estimated Payment
Due Apr 15, Jun 15, Sep 15, Jan 15
$1608
SE Tax Explained
As a self-employed person, you pay both the employee and employer portions of Social Security (12.4%) and Medicare (2.9%) = 15.3%. You can deduct half of this from your income tax. This is in addition to regular income tax.
Common Deductions to Lower Your Bill
- Home office deduction (simplified: $5/sq ft, up to 300 sq ft = $1,500)
- Business mileage (67¢/mile in 2024)
- Equipment, software, subscriptions
- Health insurance premiums (if self-employed)
- Retirement contributions (SEP IRA: up to 25% of net profit)
This is an estimate for informational purposes only. Consult a tax professional for your specific situation.