Estimate taxes for both W-2 employees and 1099 contractors/self-employed individuals. This calculator helps you determine how much to set aside for federal taxes.
Tax Calculation Results
W-2 Employee Tax Estimate
Gross Income
$0
FICA Taxes (7.65%)
$0
Federal Income Tax
$0
State Income Tax
$0
Total Annual Tax
$0
Take-Home Pay
$0
Estimated Monthly Withholding
$0
1099 Self-Employed Tax Estimate
Adjusted Gross Income
$0
Self-Employment Tax
$0
Federal Income Tax
$0
State Income Tax
$0
Total Annual Tax
$0
Combined Tax Estimate
Total Gross Income
$0
Total Annual Tax
$0
Take-Home Pay (Annual)
$0
Quarterly Estimated Payments (1099 Only)
Q1 (Jan-Mar)$0
Q2 (Apr-Jun)$0
Q3 (Jul-Sep)$0
Q4 (Oct-Dec)$0
Tax Information
W-2 Employee Taxes:
FICA Taxes: 7.65% (Social Security 6.2% + Medicare 1.45%) - automatically withheld from paycheck
Federal Income Tax: Progressive tax brackets based on taxable income after standard deduction
Withholding: Employers automatically withhold taxes from each paycheck
1099 Self-Employed Taxes:
Self-Employment Tax: 15.3% on net earnings (Social Security 12.4% + Medicare 2.9%)
Quarterly Payments: Due April 15, June 15, September 15, and January 15
Deductions: Business expenses reduce your taxable income
Standard Deduction: Varies by filing status (separate calculation for income tax)
Note: This is an estimation tool. Tax rates and brackets change annually. Always consult with a tax professional for accurate tax planning and filing.