Your four estimated payment vouchers
Due Apr 15, Jun 15, Sep 15, and Jan 15 (next year).
Home / US Calculators / 1099 vs W-2 Quarterly Tax
Freelance & Gig
1099 vs W-2 Quarterly Estimated Tax Calculator
Freelancing or driving gig? Estimate your self-employment tax, federal income tax and the four quarterly estimated payment vouchers to send the IRS, so you're not blindsided at filing time.
Each quarterly voucher
$5,100
Self-employment tax—
Federal income tax—
Less W-2 withholding—
Total annual estimates—
Simplified 2024 federal estimate using the standard deduction. Excludes credits, QBI and state tax.
Estimated taxes, defined
The U.S. tax system is pay-as-you-go. W-2 employees have taxes withheld each paycheck, but 1099 freelancers and gig workers get paid in full and must send the IRS quarterly estimated payments themselves. Self-employment income owes two taxes: regular income tax and the 15.3% self-employment tax for Social Security and Medicare, which is why setting aside roughly a quarter to a third of net profit is wise.
The formula
SE tax = net profit × 92.35% × 15.3% (SS capped at the wage base)
taxable income = net profit + W-2 wages − ½ SE tax − standard deduction
income tax = bracket tax on taxable income
annual estimates = SE tax + income tax − W-2 withholding
each voucher = annual estimates ÷ 4
taxable income = net profit + W-2 wages − ½ SE tax − standard deduction
income tax = bracket tax on taxable income
annual estimates = SE tax + income tax − W-2 withholding
each voucher = annual estimates ÷ 4
Worked example
A single freelancer with $80,000 net profit owes SE tax = 80,000 × 0.9235 × 15.3% ≈ $11,304. Taxable income ≈ 80,000 − 5,652 − 14,600 = $59,748, giving income tax ≈ $8,100. With no W-2 withholding, total ≈ $19,400, or about $4,850 per quarter.
Frequently asked questions
How much should I set aside for quarterly taxes?
Often 25-30% of net 1099 income, covering income and self-employment tax.
What is self-employment tax?
15.3% on 92.35% of net profit for Social Security and Medicare.
When are quarterly taxes due?
Generally Apr 15, Jun 15, Sep 15, and Jan 15 of the next year.
Do I owe estimates with a W-2 job too?
Maybe not, W-2 withholding counts toward your total liability.
Is this an official IRS calculation?
No, it's simplified; use Form 1040-ES and a tax pro for exact figures.