Blim

By Blim · Last updated: October 7, 2026 · Sources: IRS.gov, SSA.gov The short answer: most freelancers should set aside 25% to 30% of every payment for taxes. If you earn under about $40,000 in profit and live in a state with no income tax, 20% to 25% is often enough. Above $100,000, or in … Read more

By Blim · Last updated: October 7, 2026 · Sources: IRS.gov, SSA.gov The short answer: self-employment tax is the Social Security and Medicare tax you pay when you work for yourself. In 2026 it’s 15.3% of most of your net self-employment earnings: 12.4% for Social Security (on the first $184,500) and 2.9% for Medicare (no … Read more

By Blim · Last updated: October 7, 2026 · Sources: IRS.gov The short answer: if you’re self-employed and expect to owe $1,000 or more in federal tax for the year, the IRS expects you to pay during the year in four installments called quarterly estimated taxes. For the 2026 tax year, the due dates are … Read more

By Blim · Last updated: October 7, 2026 · Sources: IRS.gov, SSA.gov The short answer: as a freelancer, nobody withholds taxes from your pay, so you handle two things yourself. The first is self-employment tax (15.3% of most of your net earnings, covering Social Security and Medicare). The second is regular federal income tax, plus … Read more