Below are the tax rates for 2022, so depending on your filing status you can estimate based on what tax bracket you end up in. Then you would need to add the additional Self-employment taxes for Social Security and Medicare taxes.
The self-employment tax rate is 15.3%. The rate consists of two parts: 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).
For 2021, the first $142,800 of your combined wages, tips, and net earnings is subject to any combination of the Social Security part of self-employment tax, Social Security tax, or railroad retirement (tier 1) tax. The amount increased to $147,000 for 2022.
You can get an estimate of your income by forecasting your income/sales/service revenue and then deducting known expenses to arrive at a taxable income amount. If you filed a Schedule C last year for a similar SE activity, you can use that as a guide, and lastly you can use our software to estimate your tax payments! More info on how to do that in this link:
https://ttlc.intuit.com/community/taxes/discussion/how-do-i-get-the-forms-and-amounts-for-2021-estim...
| Tax Rate |
For Single Filers |
For Married Individuals Filing Joint Returns |
For Heads of Households |
| 10% |
$0 to $10,275 |
$0 to $20,550 |
$0 to $14,650 |
| 12% |
$10,275 to $41,775 |
$20,550 to $83,550 |
$14,650 to $55,900 |
| 22% |
$41,775 to $89,075 |
$83,550 to $178,150 |
$55,900 to $89,050 |
| 24% |
$89,075 to $170,050 |
$178,150 to $340,100 |
$89,050 to $170,050 |
| 32% |
$170,050 to $215,950 |
$340,100 to $431,900 |
$170,050 to $215,950 |
| 35% |
$215,950 to $539,900 |
$431,900 to $647,850 |
$215,950 to $539,900 |
| 37% |
$539,900 or more |
$647,850 or more |
$539,900 or more |
| Source: Internal Revenue Service |
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