CalculateY
Quick Answer
A single filer with $80,000 in 1099 income and no business expenses has an estimated total federal tax liability of approximately $18,978, with estimated quarterly payments of approximately $4,744.
Wages from employment, if any
Deductible business expenses (Schedule C)
Common Examples
| Input | Result |
|---|---|
| $50,000 in 1099 income, single, no expenses | Estimated $11,048 total tax (approximately $2,762/quarter) |
| $80,000 in 1099 income, single, no expenses | Estimated $18,978 total tax (approximately $4,744/quarter) |
| $100,000 in 1099 income, single, $15,000 expenses | Estimated $20,698 total tax (approximately $5,175/quarter) |
| $120,000 in 1099 income, married filing jointly, $20,000 expenses | Estimated $22,399 total tax (approximately $5,600/quarter) |
| $60,000 in 1099 income, head of household, $5,000 expenses | Estimated $11,571 total tax (approximately $2,893/quarter) |
How It Works
This calculator estimates federal tax for self-employed individuals by combining self-employment (SE) tax with federal income tax from the 2024 brackets. The calculation involves several steps and deductions specific to 1099 income.
Step 1: Calculate Net Self-Employment Income
Net SE Income = 1099 Income - Business Expenses
Business expenses are deductible costs reported on Schedule C, such as office supplies, software, travel, and home office expenses.
Step 2: Calculate Self-Employment Tax
SE tax covers both the employer and employee share of Social Security and Medicare:
- SE Taxable Base = Net SE Income x 0.9235 (the IRS allows you to exclude 7.65%)
- Social Security Tax = min(SE Taxable, $168,600) x 12.4%
- Medicare Tax = SE Taxable x 2.9%
- Total SE Tax = Social Security + Medicare
The $168,600 cap is the 2024 Social Security wage base. Medicare has no income cap.
Step 3: Calculate Adjusted Gross Income (AGI)
You can deduct half of your SE tax from your AGI:
AGI = Net SE Income + Other Income - (SE Tax / 2)
Step 4: Apply Deductions
- Standard Deduction (based on filing status)
- Qualified Business Income (QBI) Deduction = 20% of Net SE Income (simplified)
- Taxable Income = AGI - Standard Deduction - QBI Deduction (minimum $0)
Step 5: Calculate Federal Income Tax
Apply the 2024 progressive brackets to taxable income (10% to 37%).
Step 6: Total Tax and Quarterly Estimate
- Total Tax = Income Tax + SE Tax
- Quarterly Estimate = Total Tax / 4
Worked Example
For $80,000 in 1099 income, single filer, no business expenses and no other income: Net SE income = $80,000. SE taxable = $80,000 x 0.9235 = $73,880. Social Security tax = $73,880 x 0.124 = $9,161. Medicare tax = $73,880 x 0.029 = $2,143. Total SE tax = $11,304. SE tax deduction = $11,304 / 2 = $5,652. AGI = $80,000 - $5,652 = $74,348. QBI deduction = $80,000 x 0.20 = $16,000. Standard deduction = $14,600. Taxable income = $74,348 - $14,600 - $16,000 = $43,748. Federal income tax (from brackets): $11,600 at 10% = $1,160 plus $32,148 at 12% = $3,858. Income tax = $5,018. Total estimated tax = $5,018 + $11,304 = $16,322. Quarterly estimate = approximately $4,081.
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