Use our free Quarterly Tax Estimator to calculate your estimated self-employment tax payments. This tool helps freelancers, contractors, and small business owners plan ahead by factoring in federal income tax, self-employment tax (Social Security + Medicare), and standard deductions. Stay on top of your tax obligations—and avoid year-end surprises.

Just plug in the following:

Your estimated payment covers two major components:

At a high level, your estimated quarterly tax payment is based on this formula:

Quarterly Payment = (Federal Income Tax + Self-Employment Tax – Credits) ÷ 4

Our calculator automatically handles:

This gives you a clearer picture of what you’ll likely owe each quarter.

If you expect to owe more than $1,000 in taxes for the year, the IRS requires you to make quarterly estimated payments. Missing payments—or underpaying—can result in penalties. Paying quarterly keeps you compliant and smooths out your cash flow so you’re not hit with a massive tax bill at year-end

According to Federal Reserve Economic Data (FRED), the average self-employment income before taxes for U.S. workers reached $68,030 in 2023, up from about $55,879 in 2022. This steady rise highlights why planning for estimated taxes is so important—higher income often means higher tax liability. Our Quarterly Tax Estimator helps you translate your self-employment earnings into accurate quarterly payments, so you can stay compliant with IRS rules and avoid surprises at year-end.

Who needs to pay quarterly estimated taxes?
Freelancers, contractors, gig workers, and small business owners who expect to owe at least $1,000 in federal taxes for the year.

When are quarterly taxes due?
The IRS typically sets due dates around:

What happens if I don’t pay quarterly taxes?
You may face underpayment penalties and interest, even if you pay your full balance at year-end.

Can I deduct business expenses before calculating my taxes?
Yes. Deductible business expenses reduce your net income and lower both your income tax and self-employment tax.

How do I actually make a payment?
You can pay online via the IRS Direct Pay system, the Electronic Federal Tax Payment System (EFTPS), or by mail using payment vouchers.

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