Free Quarterly Tax Calculator - Estimate Your Payments
Calculate estimated quarterly tax payments based on annual income and tax rates
Formula & Methodology
If you are self-employed or freelance, the IRS requires you to pay estimated taxes quarterly. This calculator estimates those required deposits by computing your projected federal income tax, self-employment tax, and state tax, then dividing the total evenly.
- Taxable Income = Annual Income - Annual Deductions
- Federal Tax = Calculated using progressive brackets or fixed rate
- Self-Employment Tax = SE Income × 15.3%
- Quarterly Payment = (Federal + SE + State) / Quarters
Worked Example
Using the Quarterly Tax Calculator: apply the formula above to your input values. For instance, Taxable Income = Annual Income - Annual Deductions, then Federal Tax = Calculated using progressive brackets or fixed rate. The tool performs each step instantly and shows the result.
Frequently Asked Questions
Who needs to pay quarterly estimated taxes?
Generally the self-employed, freelancers and investors who expect to owe $1,000 or more and do not have enough withheld through an employer.
What happens if I underpay my quarterly taxes?
The IRS can charge an underpayment penalty plus interest, so it helps to estimate conservatively and pay by each quarterly deadline.
Does this include self-employment tax?
Yes. It adds the 15.3% self-employment tax for Social Security and Medicare on top of your projected federal income tax when you enter SE income.