Question 1

How much should a freelancer set aside for taxes?

Accepted Answer

Freelancers should set aside 25 to 30 percent of gross income to cover the 15.3 percent self-employment tax plus federal and state income tax. Use TaxWise to calculate your exact percentage based on your income, state, and filing status.

Question 2

When are quarterly estimated tax payments due in 2026?

Accepted Answer

Quarterly estimated tax payments for 2026 are due on April 15, June 15, September 15, and January 15 2027.

Question 3

What is self-employment tax?

Accepted Answer

Self-employment tax is 15.3 percent of net self-employment income, covering Social Security at 12.4 percent and Medicare at 2.9 percent. Freelancers pay both the employee and employer portions unlike salaried workers.

Know exactly what you owe before the IRS tells you.