Self-employment tax is the one tax every 1099 worker owes regardless of deductions, credits, or how the rest of your return shakes out. This calculator isolates just that number — Social Security and Medicare — so you can see it clearly, separate from your income tax. What self-employment tax actually is It’s 15.3% of most … Read more
Quick answer: On February 25, 2026, the IRS updated the Form 1040 instructions for the “no tax on tips” deduction. For self-employed tipped workers — including many rideshare drivers and delivery couriers — the update makes the deduction smaller than the earlier instructions suggested. If you filed your 2025 return before that date using the … Read more
Being your own boss means being your own payroll department. Nobody withholds tax from a 1099 payment the way an employer withholds it from a paycheck — the responsibility for setting money aside, and sending it to the IRS four times a year, falls entirely on you. This calculator turns your net self-employment income into … Read more
