Is this estimate exact?

No — it's a simplified estimate that ignores deductions, the QBI deduction, and the Social Security wage base cap. A real tax return will differ. Use it as a starting point for how much to set aside, not a final number.

How often do I need to pay estimated taxes?

The IRS generally expects self-employed people to pay estimated taxes quarterly (April, June, September, and January) if they expect to owe $1,000 or more for the year.

Side Hustles

Side Hustle Tax Estimator

Enter your average monthly side-hustle profit and your rough income tax bracket. The estimator shows how much to set aside each quarter for self-employment tax and income tax, so you're not caught off guard at tax time.

Interactive · plug in your numbers

How much should you actually set aside?

Average monthly side-hustle profit$1,500

Your income tax bracket (rough estimate)

64%

14%

22%

Take-home: $11,497/yr

Self-employment tax: $2,543/yr

Income tax (~22%): $3,960/yr

Set aside per quarter

Total tax reserve

0% of profit

Simplified estimate: self-employment tax at 15.3% of 92.35% of net profit, plus your selected income-tax bracket applied to the full amount. Ignores deductions, the QBI deduction, and the Social Security wage base cap — a real return will differ. Move a portion into a separate savings account the moment you're paid.

Frequently Asked Questions

Self-employment tax is the 15.3% combination of Social Security (12.4%, capped at the annual wage base) and Medicare (2.9%, uncapped) taxes that self-employed people pay directly, since there's no employer to split the cost with.

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