Freelancer Tax Calculator
Calculate your freelancer taxes, estimated payments, and take-home income.
About This Tool
The Freelancer Tax Calculator helps Korean freelancers and independent contractors estimate their net income after the 3.3% withholding tax (3% income tax + 0.3% local income tax). It also projects your comprehensive income tax liability at year-end so you can plan ahead for tax season.
How to Use
- Enter your total annual gross income from freelance work.
- Enter your total annual business expenses (equipment, software, office, etc.).
- Click Calculate to see your estimated tax breakdown.
- Review your net income after taxes and estimated quarterly payments.
Frequently Asked Questions
What is the self-employment tax rate?
In the US, the self-employment tax rate is 15.3% — 12.4% for Social Security and 2.9% for Medicare. You can deduct half of this amount from your taxable income.
Do freelancers need to pay quarterly taxes?
Yes, if you expect to owe $1,000 or more in taxes, the IRS requires quarterly estimated tax payments (Form 1040-ES). Deadlines are typically April 15, June 15, September 15, and January 15.
What expenses can freelancers deduct?
Common deductions include home office expenses, equipment and software, internet and phone bills, professional development, health insurance premiums, and business travel costs.
How accurate is this calculator?
This calculator provides estimates based on standard US federal tax brackets and self-employment tax rates. Actual taxes may vary based on state taxes, additional deductions, credits, and your specific tax situation. Consult a tax professional for exact figures.
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How It's Calculated
The withholding amount is calculated as: Gross Payment × 3.3% (3% income tax + 0.3% local income tax). Net payment = Gross − Withholding.
For annual tax projection, the calculator estimates your comprehensive income tax using: 1. Total annual freelance income 2. Minus necessary expenses (standard deduction rates by industry: 60%–80%, or actual expenses) 3. Minus personal deductions (basic deduction of ₩1.5M per person) 4. Apply progressive tax rates (6%–45%) 5. Subtract already-withheld amounts to estimate your refund or additional tax due.
⚠️ Disclaimer
This calculator uses standard expense deduction rates and simplified tax brackets. Your actual tax liability depends on total income sources, applicable deductions, and tax credits. Consult a certified tax accountant for accurate tax filing.
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