Quarterly Tax Calculator
Calculate your estimated quarterly tax payments with our free calculator. Self-employed individuals, freelancers, and those with significant non-wage income must make quarterly estimated payments to avoid penalties—the IRS expects tax-as-you-go, not a single annual payment.
2024 Quarterly Payment Due Dates
| Payment Period | Due Date | Covers Income From |
|---|---|---|
| Q1 | April 15, 2024 | January 1 - March 31 |
| Q2 | June 17, 2024 | April 1 - May 31 |
| Q3 | September 16, 2024 | June 1 - August 31 |
| Q4 | January 15, 2025 | September 1 - December 31 |
Safe Harbor Rules (Avoid Penalties)
To avoid underpayment penalties, pay at least:
| Your Situation | Safe Harbor Requirement |
|---|---|
| Prior year AGI ≤ $150,000 | 100% of last year's tax |
| Prior year AGI > $150,000 | 110% of last year's tax |
| Alternative | 90% of current year's tax |
Quarterly Tax Calculator
``javascript
function calculateQuarterlyPayment(estimatedAnnualIncome, estimatedDeductions, selfEmployed = true) {
const taxableIncome = estimatedAnnualIncome - estimatedDeductions;
// Estimate federal income tax (simplified progressive brackets)
let incomeTax = 0;
if (taxableIncome > 191950) incomeTax = 39110 + (taxableIncome - 191950) * 0.32;
else if (taxableIncome > 100525) incomeTax = 17168 + (taxableIncome - 100525) * 0.24;
else if (taxableIncome > 47150) incomeTax = 5426 + (taxableIncome - 47150) * 0.22;
else if (taxableIncome > 11600) incomeTax = 1160 + (taxableIncome - 11600) * 0.12;
else incomeTax = taxableIncome * 0.10;
// Self-employment tax if applicable
let seTax = 0;
if (selfEmployed) {
const seIncome = estimatedAnnualIncome * 0.9235;
seTax = Math.min(seIncome, 168600) * 0.124 + seIncome * 0.029;
// Deduct half of SE tax
incomeTax -= (seTax / 2) * 0.22; // Approximate tax benefit
}
const totalAnnualTax = incomeTax + seTax;
const quarterlyPayment = totalAnnualTax / 4;
return {
estimatedAnnualTax: totalAnnualTax.toFixed(2),
quarterlyPayment: quarterlyPayment.toFixed(2),
incomeTaxPortion: incomeTax.toFixed(2),
selfEmploymentTax: seTax.toFixed(2)
};
}
``
Making Quarterly Payments
Pay via IRS Direct Pay, EFTPS (Electronic Federal Tax Payment System), or by mailing Form 1040-ES with a check. Direct Pay and EFTPS are free; credit card payments incur fees. Keep records of all payments for your annual tax return.
Worked Through the Brackets
On $85,000 of gross income, filing single, taking the $14,600 standard deduction — so $70,400 of taxable income:
| Bracket | Range | Income taxed here | Tax |
|---|---|---|---|
| 10% | $0 – $11,600 | $11,600 | $1,160 |
| 12% | $11,600 – $47,150 | $35,550 | $4,266 |
| 22% | $47,150 – $100,525 | $23,250 | $5,115 |
| Total | $10,541 |
The Same Income, Different Sources
| Source | Federal tax on it |
|---|---|
| Wages (above) | $10,541 |
| Self-employment profit | $10,541 income tax plus $12,010 SE tax |
| Long-term capital gain of $10,000 | $1,500 at 15% |