Gig Worker Tax Calculator
Calculate your quarterly estimated tax payments for gig income.
Calculate how much to set aside monthly for gig taxes.
Formula
SE Tax = Net Income x 92.35% x 15.3%. Federal Tax = (Net Income - SE Deduction - Standard Deduction) x Bracket Rate. Quarterly Payment = Total Annual Tax / 4.
Frequently Asked Questions
When are quarterly estimated tax payments due?
Quarterly estimated tax payments are due April 15, June 15, September 15, and January 15 of the following year. You may owe a penalty if you miss a payment or underpay.
How much should gig workers set aside for taxes?
A common rule of thumb is to set aside 25-30% of your net gig income for taxes. This covers self-employment tax (15.3%), federal income tax, and state income tax. The exact amount depends on your total income and deductions.
Can gig workers deduct mileage?
Yes. Gig workers can deduct business miles at the IRS standard mileage rate (67 cents per mile for 2024) or actual vehicle expenses. You must keep a mileage log and cannot deduct commuting miles.
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