Ross's signature tool
Set-Aside Calculator.
Walk through your 1099 income, expenses, and deductions to get a personalized monthly set-aside recommendation. No surprises in April.
Step 1 of 9Intro
1099 Tax Calculator
Walk through your income, expenses, and credits one step at a time to estimate your federal taxes and how much to set aside.
- 2025 tax year
- Federal + self-employment tax
- Florida: no state income tax
- 9 quick steps
For planning purposes only. Consult a tax professional for your specific situation.
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The calculator gives you a planning estimate. Ross gives you an accurate tax return. Reach out to Ross to go deeper.
For planning purposes only. Consult a tax professional for your specific situation. This calculator reflects the 2025 tax year. Florida has no state income tax.
Common questions
- How much should I set aside for taxes when I'm self-employed?For most self-employed people in Florida, setting aside 25 to 30 percent of net profit (income after business expenses) covers federal income tax plus self-employment tax. Lower earners may need closer to 15 to 20 percent; higher earners or those with large W-2 income alongside can need 35 percent or more. Florida has no state income tax, so there is nothing to set aside for that. The reliable way to do it is to move a fixed percentage of every payment into a separate account as you get paid.
- How do quarterly estimated taxes work?Quarterly estimated taxes are prepayments of income tax and self-employment tax on income that has no withholding, such as 1099 or business income. You generally must pay them if you expect to owe about $1,000 or more after withholding and credits. Payments are due roughly mid-April, mid-June, mid-September, and mid-January. You avoid an underpayment penalty if your total payments cover at least 90 percent of this year's tax or 100 percent of last year's tax (110 percent if your prior-year income was high). In Florida there is no state estimated payment because there is no state income tax.
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