TaxWrench

Freelance Quarterly Tax Calculator 2024

Know exactly what to set aside for each quarterly payment. Includes federal + state estimates, due dates, and the safe harbor rule.

Your Income & Situation
$
Your best estimate for total 1099/freelance income this year
$
Tools, subscriptions, home office, mileage, etc.
$
$
Total federal tax from last year's Form 1040 line 24
Your 2024 Quarterly Tax Payment Schedule
Q1 Payment
⏰ Due April 15, 2024
—
Jan 1 – Mar 31
Q2 Payment
⏰ Due June 17, 2024
—
Apr 1 – May 31
Q3 Payment
⏰ Due Sept 16, 2024
—
Jun 1 – Aug 31
Q4 Payment
⏰ Due Jan 15, 2025
—
Sep 1 – Dec 31
Total Annual Federal Tax —
Total Annual State Tax (est.) —
💰 Set Aside Each Month —
Tax ComponentAmountNotes
Gross Freelance Income—
Business Expenses—Schedule C deductions
Net SE Income—Gross minus expenses
Self-Employment Tax—15.3% on 92.35% of net SE
SE Tax Deduction (50%)—Reduces AGI
Adjusted Gross Income—Before standard deduction
Standard Deduction—2024 amount
Federal Taxable Income—
Federal Income Tax—Using 2024 brackets
Total Federal Tax—Income + SE tax
—
📐 How Quarterly Taxes Work

Who Needs to Pay Quarterly?

If you expect to owe more than $1,000 in federal taxes after subtracting withholding, you must make quarterly estimated payments. This applies to most freelancers, consultants, sole proprietors, and LLC owners.

2024 Due Dates

  • Q1: April 15, 2024 (income earned Jan 1 – Mar 31)
  • Q2: June 17, 2024 (income earned Apr 1 – May 31)
  • Q3: September 16, 2024 (income earned Jun 1 – Aug 31)
  • Q4: January 15, 2025 (income earned Sep 1 – Dec 31)

The Safe Harbor Rule

Safe Harbor = max( 100% of prior year tax (110% if AGI > $150K), 90% of current year tax )

If you pay at least this amount in quarterly payments, you avoid underpayment penalties even if you end up owing more at filing.

Federal Tax Calculation (2024)

SE Tax = (Net SE Income × 0.9235) × 15.3%
AGI = Net SE Income - (SE Tax × 50%) - other deductions
Standard Deduction: $14,600 single / $29,200 MFJ / $21,900 HoH (2024)
Federal income tax calculated using 2024 tax brackets: Single: 10%/12%/22%/24%/32%/35%/37% MFJ: same rates, higher bracket thresholds

How to Pay

Use IRS Direct Pay at directpay.irs.gov or EFTPS.gov. For state taxes, check your state's department of revenue website.

Never Miss a Quarterly Payment

QuickBooks Self-Employed automatically estimates and reminds you of quarterly taxes based on your actual income throughout the year.

Try QuickBooks Self-Employed →