Working for yourself means you owe self-employment tax— the 15.3% that covers both the employee and employer halves of Social Security and Medicare — on top of regular federal income tax. The good news: you're taxed on net profit (income minus business expenses), you can deduct half of the SE tax, and most freelancers qualify for the 20% QBI deduction. This calculator puts it together and tells you what to set aside each quarter so a big April bill never surprises you. For W-2 wages, use the paycheck calculator instead.
