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Quarterly Taxes

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Quarterly Tax Calculator

Join #1 A.I. tax service for freelancers

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Quarterly Tax Calculator

IRS mandates you to pay Q4 taxes by Jan 15

Step 1/4

Are you self-employed?

This includes freelancers and business owners

Yes

Get the most accurate quarterly tax payments based on your income and deductions.

75% of freelancers overpay on their taxes

Most freelancers don't consider tax deductions while estimating quarterly taxes. This leads to either overpayments or penalties.

Stop estimating and start calculating using A.I. in just 5 minutes.

A.I. automatically finds every deduction

You can review the deductions, and answer a few basic questions to accurately calculate quarterly tax payments in just 5 minutes.

CPAs ensure 100% accuracy

If you think your taxes are more complicated than usual, you can choose to consult a CPA for free.

Here’s what you’ll get!

Automated expense classification

Tax deductions fetched by A.I.

Free CPA review

Takes 5 minutes

after set-up

100% accurate

tax estimate

Save $3,700

on average

Meet Alex, a Freelance Web Developer

Alex saved $4,114

in quarterly taxes.

Alex is a freelance web developer based in California, earning his income solely from freelance projects. When it was time to pay his quarterly taxes, he was determined not to overpay. He knew that uncovering tax deductions was crucial. FlyFin’s A.I. stepped in to assist, automatically finding every possible deduction. From software subscriptions to home office expenses, the A.I. organized his deductions and calculated his quarterly tax payment with 100% accuracy.

Alex saved $4,114

in quarterly taxes.

Cash-in on this opportunity!

Never miss a deadline! FlyFin notifies you before your quarterly taxes are due; and you always stay on top of taxes!

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CPAs

How An Estimated Tax Calculator Can Help Calculate Quarterly Taxes?

Q: Should I pay self-employment taxes quarterly or yearly?

Usually, if you anticipate owing the IRS over $1,000 in self-employment tax, you pay these taxes quarterly.

Q: Who has to pay quarterly taxes?

Any 1099 earner—be it a freelancer, gig worker, or small business owner—owing more than $400 in a tax year faces SECA taxes. If the total tax exceeds $1,000, quarterly payments apply.

Q: How much is quarterly taxes?

Your quarterly tax amount is determined by your net income (gross income minus deductions). Using a quarterly tax calculator simplifies finding the exact figure.

Q: What form should I use to pay quarterly taxes?

You should fill out Form 1040-ES for making estimated quarterly tax payments. While the payments have to be made every quarter, you only need to fill out this form once.

Q: What safe harbor percentage should I pay for estimated taxes?

If you’re a single filer with an adjusted gross income (AGI) below $150,000, you should pay 90% of the current year’s tax amount. If you think your AGI will be over $150,000, you should pay 110% of last year’s tax amount.

Q: Is there a penalty for not paying estimated quarterly taxes?

You can get hit with a late penalty or the underpayment penalty if you fail to make quarterly tax payments on time. You can use a tax penalty calculator to calculate your total penalty fees.

Q: How to request a reduction of the tax penalty?

If you’re trying to waive your tax penalty, you can fill out Form 843. But you can only get these penalty fees waived if you already paid most of your tax payments earlier in the year, changed your filing status from or to married filing jointly, generated a lot more income in the later part of the year, or made all your federal estimated tax payments on time.

Q: How to increase W-2 withholding for estimated taxes?

After using a 1099 quarterly tax calculator to calculate your estimated taxes, you can actually avoid paying these taxes if you already have W-2 income. Simply fill out Form W-4 to ask your employer to increase your income tax withholding to cover your SECA tax liability.

Q: How to calculate my IRS payment plan?

You can get in touch with the IRS to extend your deadline to pay taxes. You should only request an extension if you think you can make the full payment within the agreed-upon timeframe.

Q: How to pay quarterly taxes?

You can make IRS estimated tax payments online, by mail, or wire transfer.

last updated-

January 6, 2025

You might think paying self-employment taxes is an annual occurrence, but it might actually happen more frequently than you think. If you’re new to the world of self-employment, it’s a good idea to familiarize yourself with how to calculate quarterly taxes and how to pay estimated taxes. You can estimate taxes by yourself or you can use an estimated tax calculator. You just need to enter a few details about your tax situation, and an estimated tax payments calculator can easily find your owed tax liability. 1099 employees have to calculate estimated tax every year as they may need to make this payment every quarter if they think their income will result in a tax amount over $1,000. Figuring out how much estimated tax to pay with a calculator will make tax season much easier to navigate.

Key takeaways:

Self-employed individuals have to pay estimated taxes every quarter if they owe more than $1,000.
A quarterly tax calculator is a handy tool that can find your estimated tax payments 2024.
Failing to pay quarterly taxes on time will result in an underpayment penalty from the IRS.

Most Asked Questions to a FlyFin CPA

Why is estimated tax required?

Estimated taxes for the self-employed is to ensure that taxpayers meet their tax obligations throughout the year, especially for those who don't have taxes withheld from their income. It also helps prevent a significant tax burden at the end of the tax year.

Do I have to pay estimated tax if I change my withholding?

If you adjust your withholding to ensure that enough taxes are being withheld throughout the year to cover your tax liability, you may not have to pay estimated tax. However, it's important to ensure that your withholding is enough to avoid tax penalties.

Is estimated tax state or federal?

You may have to pay both federal and state estimated quarterly tax depending on the state you live in. Federal estimated tax will include the self-employment tax but state estimated tax will be calculated based on the tax rate of your state.

How to calculate estimated tax?

Estimated tax is calculated by estimating your income for the year and determining the appropriate tax liability based on that estimate. You can use IRS Form 1040-ES or use an estimated tax calculator for the self-employed.

What percentage should I pay estimated tax?

The percentage you should pay for estimated tax varies depending on your income, deductions, and tax bracket. Generally, the IRS recommends paying the lower of either 100% of your previous year’s taxes or 90% of your current estimated taxes.

How do I know if I have to pay estimated tax for self-employed income?

If you expect to owe at least $1,000 in taxes after subtracting any withholding, tax deductions and tax credits, you are required to pay estimated tax. You can use an estimated taxes calculator for the self-employed to check this.

How to file estimated tax?

Estimated tax is typically filed using Form 1040-ES. You can fill out the form and submit it either electronically or by mail.

I used a quarterly calculator, where do I pay the tax?

Estimated tax should be paid directly to the IRS. Federal income taxes are also paid to the IRS, and state income taxes are paid to the appropriate state tax agency.

What is estimated tax withholding?

Estimated tax withholding refers to the amount of tax you estimate and pay throughout the year rather than having taxes automatically withheld from your income by an employer.

How to estimate tax withholding for 2023?

To estimate tax withholding for 2023, you can use the IRS' withholding calculator or consult a tax professional. It takes into account factors such as income, deductions, and credits to determine the appropriate withholding amount.

Can I pay estimated tax instead of withholding?

You can choose to pay estimated tax instead of having taxes withheld from your income. This is a common practice among self-employed individuals.

Why is estimated tax required?

Do I have to pay estimated tax if I change my withholding?

Is estimated tax state or federal?

How to calculate estimated tax?

Table of contents

Who has to pay estimated taxes?...Read more

How to calculate quarterly taxes?...Read more

How to use an estimated tax calculator?...Read more

When is the deadline to pay quarterly taxes?...Read more

How to make estimated quarterly tax payments?...Read more

Who has to pay estimated taxes?

Self-employment tax (or SECA tax) needs to be paid by every 1099 employee who makes over $400 in income every year. The SECA tax is set at a rate of 15.3%, with 12.4% towards Social Security, and 2.9% for Medicare. However, SECA tax isn’t paid once a year like the federal income tax. The IRS taxes this income as it is earned, so this isn’t a problem for W-2 employees. Self-employed individuals are in charge of paying their own taxes, so they have to make these tax payments themselves. The IRS knows that self-employed income isn’t always the same every year. That’s why they allow taxpayers to make estimated payments every quarter. These payments will only have to be made if the tax owed crosses $1,000. This is also why freelancers, small business owners, gig workers and independent contractors use an estimated taxes calculator to find their earned income for the year rather than try to calculate it themselves.

Infographic entitled The Advantages of an Estimated Tax Payments Calculator outlining five reasons to utilize an estimated taxes calculator.

How to calculate quarterly taxes?

So you know that estimated taxes have to be paid if the tax amount is over $1,000. But you might be wondering, “How much are estimated quarterly taxes?”, and if there’s a limit to how much tax you’ll have to pay. Unfortunately, there is not. If your income is over the threshold limit, you’ll have to pay SECA tax. And if you think you’ll make enough to owe over $1,000, you have to make the estimated tax payments. Apart from just calculating your owed tax, an estimated tax calculator can also find deductions you can claim. To calculate estimated tax, you’ll need to either enter the number of business expenses you’re writing off or choose what you are eligible to write off from a list of deductions.

A 1099 quarterly tax calculator can find deductions like health insurance premiums, advertising costs and internet expenses. To make the most of your tax savings, it's crucial to know which deductions apply to you as a 1099 employee. Explore a detailed breakdown below of deductible expenses across key categories such as Home Office Deductions, Travel Deductions, and Mortgage Deductions to ensure you're not leaving any money on the table.

Top Deductions for 1099 Employees

Infographic entitled Mortgage Deductions showcasing deductible mortgage expenses for 1099 taxpayers.

Loan fees

Mortgage interest

Private Mortgage Insurance

Loan fees

Mortgage interest

Private Mortgage Insurance

Infographic entitled Home Office Deductions showcasing deductible expenses for 1099 taxpayers in the home office category.

Internet bill

Furniture

Insurance

Internet bill

Furniture

Insurance

Infographic entitled Travel Deductions highlighting key travel-related tax deductions for self-employed individuals.

Travel lodging

Transportation Services

Travel meals

Travel lodging

Transportation Services

Travel meals

Loan fees

Mortgage interest

Private Mortgage Insurance

Loan fees

Mortgage interest

Private Mortgage Insurance

Internet bill

Furniture

Insurance

Internet bill

Furniture

Insurance

For example, you’re a part-time photographer who earned $8,000 in the months of January to April 2024, and expect to earn this amount each quarter throughout the year. You also spent $2,500 on travel expenses, equipment and vehicle mileage. This means your taxable income is $5,500 for the first quarter of 2024. You decide to use an estimated taxes calculator and find that your income for the whole year is approximately $27,500. Your total owed tax for 2024 is $4,208, or so you have to make estimated tax payments of $1,052 for 2024. Using your tax deductions has saved you $778. That’s the power of a quarterly tax calculator!

Tax Tip of the Week :

Familiarize yourself with common deductions available to self-employed individuals, such as home office expenses, vehicle mileage, and health insurance premiums.

Infographic entitled Business Expenses for Tax Deductions with an Estimated Quarterly Tax Calculator showcasing nine expenses to reduce quarterly taxes.

How to use an estimated tax calculator?

A quarterly tax calculator only needs a few pieces of information from you to estimate your tax amount. Think tax info like the state you live in, your filing status, your job, all the business expenses you want to write off and your income for the year. Certain estimated tax calculators (like FlyFin) can even find your tax deductions for you (like retirement contributions), making that step so much easier. If you live in New Jersey all year but are moving to another state at the end of the year, you should still enter your state as New Jersey because that is where all your income comes from. If you’re a full-time 1099 employee, you’ll need to total all your income sources to get your gross income. This means any money earned from gig work, freelancing, operating as a small business or an independent contractor. So, how do you find your estimated tax payments 2024? Use a quarterly tax calculator, enter all the basic tax information required and get a tax breakdown of your total liability and quarterly payments. Then, you just fill out Form 1040-ES and make your payments. If you’re paying estimated taxes online, you don’t need to file this form.

Infographic entitled Key Inputs for a Quarterly Tax Calculator outlining six pieces of tax information required to estimate taxes.

When is the deadline to pay quarterly taxes?

Usually, estimated taxes are paid on a quarterly basis. The payment deadline for each quarter falls on the 15th of the month (or the next working day). If you can't pay your taxes by the deadline, you will be fined by the IRS. You can face two types of penalties: the late penalty and/or the underpayment penalty. It’s pretty easy to avoid the late penalty fees. All you need to do is just pay your taxes on time. To avoid the underpayment penalty, you can do a couple of things. The first option is to use a quarterly tax calculator to pay 100% of the tax you owed last year. This is an easy way to avoid penalty fees, especially useful if your income does not fluctuate as often. The second option is to pay at least 90% of your tax liability for this year if you think you’ll make less than you did last year. As this is an estimated payment, you can pay a little over 90% as a safety net to avoid an underpayment penalty. This is known as the “safe harbor” rule. If your AGI (adjusted gross income) was over $75,000 as a single filer, you’d need to pay 110% of last year’s tax liability to fulfill the safe harbor rule. The last option is to pay 100% of your current year’s tax liability if you think your income is going to be more than what you made last year. A tax penalty calculator is a good tool to check whether you owe the IRS any penalties. You can also use this to calculate IRS payment plans. The penalties usually get higher the longer you put off paying your tax liability, so it’s a good idea to pay them off as soon as you can.

Consider the situation of Emma, a freelance copywriter who missed the deadline to file her returns and did not complete the required quarterly payments on time. In the months following the deadline, Emma began to face increasing penalties and accumulating interest charges. Understanding the financial consequences of these delays is essential to prevent such issues. Below is a detailed table showcasing the penalties incurred at different intervals after failing to file and pay taxes on time.

Penalty on Unpaid Taxes of $2,000

Time Since Deadline

Failure to File Penalty

Failure to Pay Penalty

Total Penalties

Interest (~0.667% monthly)

Total Amount Due

1 Months

$90(4.5%)

$10(0.5%)

$100

$13.34

$2,113.34

3 Months

$270(13.5%)

$30(1.5%)

$300

$40.29

$2,340.29

6 Months

$500(25%max)

$60(3%)

$560

$81.39

$2,641.39

12 Months

$500(25%max)

$120(6%)

$620

$166.09

$2,786.09

Infographic entitled Quarterly Tax Deadlines for 2024 depicting the schedule for quarterly tax payments with an estimated taxes calculator.

How to make estimated quarterly tax payments?

So you now know how to use an estimated tax calculator to make estimated tax payments 2024. Now let’s talk about how to pay estimated taxes. The easiest way to do this is to pay directly on the website. You can also use the IRS app, in both Spanish and English, IRS2Go to make your estimated tax payment. Another way to use the information you got from a quarterly tax calculator is to pay using the EFTPS. Also known as the “Electronic Federal Tax Payment System,” this method allows you to view all your previous tax payments and tax returns. You’ll need to make an account to register (don’t worry, it’s free), and you can start making your payments. If you’re looking to make these payments the old-fashioned way, you can still send the IRS checks. All you have to do is attach them to Form 1040-ES, which you’ll use to make these quarterly payments. Make sure to add your social security number or tax ID, mention the year of payment on the check and send it in without stapling it to the form. If you’re really old school, you can even call in and pay the IRS over the phone. You’ll need an EFTPS account to do this, and you’ll also have to pay them a small fee. If you don’t have an EFTPS account, you can still pay over the phone, but you’ll have to call a third-party provider. The last way to pay the IRS after calculating quarterly taxes is to increase your W-2 withholding amount. Now obviously, this will require you to already have W-2 income. So, W-2 employees have their income tax withheld from their employer. You can ask to have this amount increased to cover your quarterly tax payments with the help of Form W-4.

Infographic entitled Ways To Submit Quarterly Taxes After Calculating Tax Liability Using an Estimated Tax Calculator.

Content Reviewed By

FlyFin CPA Team

With a combined 150 years of experience, FlyFin's CPA tax team includes tax CPAs, IRS Enrolled Agents and other tax professionals, offering users the most comprehensive tax advice and preparation.

Frequently asked questions

FAQs

Should I pay self-employment taxes quarterly or yearly?

Who has to pay quarterly taxes?

How much is quarterly taxes?

What form should I use to pay quarterly taxes?

What safe harbor percentage should I pay for estimated taxes?

Is there a penalty for not paying estimated quarterly taxes?

How to request a reduction of the tax penalty?

How to increase W-2 withholding for estimated taxes?

How to calculate my IRS payment plan?

How to pay quarterly taxes?

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Here's what other freelancers have to say

What’s FlyFin?

FlyFin caters to the tax needs of gig workers, freelancers, independent contractors and sole proprietors. This tax tool is especially helpful for gig workers, who don't have tax support from an employer like W-2 employees do. FlyFin tracks all your business expenses using A.I. to find every possible tax deduction. You can also consult our expert CPA team to file a guaranteed 100% accurate tax return. It saves you a couple of thousand dollars and a ton of time on your taxes. Download the FlyFin app and have your 1099 taxes filed in less than fifteen minutes, saving you time and more money on your taxes than last year, guaranteed.