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Income tax calculator for

Freelance Consultant in Illinois

Answer the below question

1/4

Do you have freelance income?

Self Employed Taxes

Self Employment Tax in Illinois covers state residents who don’t receive a paycheck like the W2 employees who get their taxes automatically deducted from their earnings. These self-employed individuals are their own employers, and they have to pay a bit extra in “self-employment tax” to contribute to Social Security and Medicare.

These SE taxes are used to pay:

  • Federal Income tax
  • State income tax
  • Self-employment taxes
  • Social security
  • Medicaid/medicare

Apart from these above-mentioned taxes, freelancers and self-employed workers also have to pay for:

  • Capital gains taxes: both short term and long term gains
  • AMT or Alternative Minimum Taxes for those earning over $100k annually
Key differences

According to the IRS, self-employed workers who earn less than $400 annually don't have to pay the Self Employment tax.

Moreover, the self-employment tax is considered a tax-deductible expense. Although the tax is charged on a taxpayer’s business profit, the IRS counts the 'employer' half of the self-employment tax, or 7.65% (calculated as half of 15.3%), as a business deduction for purposes of calculating that taxpayer's income tax.

Tax rates for s in Illinois

The state of Illinois requires you to pay taxes if you are a resident or nonresident that receives income from an Illinois source. Illinois has a flat income tax, which means that everyone, regardless of income, is taxed at the same rate.

The income tax rate in Illinois is 4.95%, after an increase from 3.75% in 2017. Illinois also has higher-than-average sales taxes and property taxes.

The following table represents the Illinois Income Tax Brackets and Rates:

Single Filer/Married Filed Separately

BracketsRates
$0+4.95%

Married Filing Jointly

BracketsRates
$0+4.95%

Head of Household

BracketsRates
$0+4.95%

Single Filer/Married Filed Separately

A single filer represents the person who is unmarried and does not qualify for any other filing status. Generally, the tax rates and brackets that apply to single filers also apply to individuals who are married but file their taxes separately.

Married Filing Jointly

Married filing jointly represents the tax filing status available to married couples who were married by Dec. 31 of the tax year. Couples who file their taxes as Married Filing Jointly, get the most tax breaks.

Head of Household

Head of Household is a filing status for single or unmarried taxpayers who keep up a home for a Qualifying Person (child, relative, boyfriend/girlfriend, or any dependent). The Head of Household filing status has some major tax advantages over the Single filing status such as a lower tax rate and a higher standard deduction.

Deductions & Credits

The state of Illinois also offers tax deductions and credits to reduce tax liability, including a personal exemption, itemized deduction, the earned income tax credit, child and dependent care credit, and college access tax credit.
Key differences

Personal exemption

According to the IRS, a personal exemption refers to an amount that a resident taxpayer is entitled to claim as a tax deduction against personal income in calculating taxable income and consequently federal income tax.

Filing StatusPersonal Exemption
Single$2,325
Couple$4,650
Dependent$2,325

Freelancers in Illinois

  • Illinois have a freelance population of 200,000 and have a market cap of $6.8bn in 2019
  • populationIcon

    200,000

    Freelance
    population

    dollarGreen

    $6.8 bn

    Revenue
    Income

  • On an average freelancers spend 25 hour a week at their work in USA. 40% works fewer than 20 hours per week and 6% work more than 50 hour per week
  • The state of illinois has
    1% of the GDP
    freelancers in 2022
    On an average an
    independent
    contractor
    earn $34,595
  • In the period from 2012-2017 revenue from freelance contractors has grown to 6% and number of freelancers have grown to 10%
  • 6%
    10%
    Freelance

    growth

    Revenue

    growth

  • Half (52%) of Chicago's skilled workers offer professional services, three in ten (29%) provide technical services, and one in five (19%) are in creative fields.
  • Chicago, Minneapolis, and Detroit saw their technical service freelance forces shrink from 2012 to 2017, though revenues grew modestly.

Tax Deduction in Illinois | FlyFin

The following represents some of the top tax deductions for s in Illinois

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