A 1099 does not withhold tax. You owe self-employment tax on the profit plus federal income tax after the standard deduction and, for many people, the qualified business income deduction. This is a federal estimate for a single Schedule C.
SE tax = 92.35% of profit × 15.3%, with Social Security capped. Income tax uses taxable income after half of that SE tax and QBI.
The 20% QBI line is the simplified deduction: 20% of profit after the deductible half of self-employment tax, and at least $400 when that profit is $1,000 or more, capped at 20% of taxable income before the deduction. It does not apply the W-2 wage or specified-service limits. QBI does not reduce self-employment tax.
| Net earnings | $73,880.00 |
|---|---|
| Self-employment tax | $11,303.64 |
| Deductible half | $5,651.82 |
| QBI deduction | $11,649.64 |
| Income tax | $5,343.82 |
| Federal tax | $16,647.46 |
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Self-employment tax uses 92.35% of net profit. The 12.4% Social Security part stops once wages plus that base reach $184,500. The 2.9% Medicare part does not stop. Half of the SE tax is an above-the-line deduction.
Income tax then uses the 2026 brackets and the standard deduction ($16,100 single or married filing separately, $32,200 joint or qualifying surviving spouse, $24,150 head of household). The QBI line is 20% of profit after the SE deduction, with a $400 minimum when that profit is at least $1,000, and it cannot exceed 20% of taxable income before the deduction.
The W-2 wage limit and specified-service phase-out are not applied. Credits, itemizing, the net investment income tax, and state tax are not in the total.
| Self-employment tax | $11,303.64 |
|---|---|
| Income tax | $5,343.82 |
| Federal tax | $16,647.46 |
It is 15.3% of 92.35% of net profit: 12.4% Social Security and 2.9% Medicare. Social Security stops at the $184,500 wage base for 2026. Medicare does not. Net earnings under $400 are not taxed on Schedule SE.
No. The 20% qualified business income deduction reduces income tax only. Self-employment tax is figured before it. Above the Form 8995 income threshold, the W-2 and specified-service limits can also shrink QBI; this calculator does not apply those limits.
Usually yes, if you expect to owe at least $1,000 after withholding. The quarterly calculator splits the safe-harbor amount across the four 2026 due dates. This page is the annual federal total, not the voucher.