Child Tax Credit Calculator
Estimate your federal Child Tax Credit and potential refundable credit.
This is an educational estimate, not a tax filing determination. The actual refundable amount can depend on Schedule 8812, other credits, earned-income rules, tax liability, and eligibility restrictions.
Quarterly Tax Calculator: How to Estimate Your Estimated Tax Payments
If you are self-employed, a freelancer, an independent contractor, or a small business owner in the United States, you may need to pay federal estimated taxes throughout the year. Unlike employees who generally have income tax withheld from their paychecks, self-employed individuals may need to make payments directly to the IRS.
Our Quarterly Tax Calculator helps estimate your annual federal income tax, self-employment tax, potential safe-harbor payment target, and illustrative quarterly installments. It can help you plan ahead and avoid leaving your tax payments until the end of the year.
What Are Quarterly Estimated Taxes?
Quarterly estimated taxes are periodic payments made toward federal income tax and self-employment tax when tax is not fully covered through withholding. They are commonly relevant to freelancers, consultants, independent contractors, sole proprietors, and people with other income that does not have sufficient tax withholding.
The United States generally uses a pay-as-you-go tax system. This means taxpayers are expected to pay taxes during the year as they earn income, rather than waiting until they file their annual tax return.
How Does the Quarterly Tax Calculator Work?
The calculator uses the information you enter to estimate your federal income tax and self-employment tax. It then compares an estimated current-year payment target with a simplified prior-year safe-harbor amount, when you provide prior-year tax information.
Enter your net business profit after deductible business expenses, rather than your total business sales or gross receipts.
Add other annual taxable income that is not already included in your business profit.
The calculator estimates Social Security and Medicare taxes using your business profit and W-2 Social Security wages.
It estimates taxable income after the half-self-employment-tax deduction and standard deduction, then applies the selected year's tax brackets.
How Is Self-Employment Tax Estimated?
Self-employment tax generally includes Social Security and Medicare taxes. The calculator first estimates net earnings from self-employment by applying the 92.35% factor to your business profit.
The Social Security portion is estimated at 12.4%, subject to the applicable annual Social Security wage base and any Social Security wages already earned from W-2 employment. The Medicare portion is estimated at 2.9% of net self-employment earnings.
The calculator also estimates the deduction for one-half of self-employment tax. This deduction is used when calculating estimated federal taxable income.
How Is Federal Income Tax Estimated?
The calculator estimates federal taxable income by combining business profit and other taxable income, subtracting the estimated deduction for half of self-employment tax and the applicable standard deduction.
The calculator then applies the progressive federal income tax brackets for the selected tax year and filing status. Estimated tax credits are subtracted from the calculated federal income tax, with the result not falling below zero.
How Is the Quarterly Payment Amount Calculated?
The calculator adds estimated self-employment tax and estimated federal income tax after credits to obtain an estimated total federal tax liability.
It then estimates a payment target using 90% of estimated current-year tax or the supplied prior-year safe-harbor amount, whichever is lower. The prior-year amount is adjusted to 110% in the calculator when prior-year adjusted gross income is above its simplified threshold.
Expected federal withholding is subtracted from this target. The remaining estimated amount is divided into four equal installments for the calculator's illustrative quarterly schedule.
How to Use the Quarterly Tax Calculator
- Select the tax year: Choose 2025 or 2026.
- Select your filing status: Choose Single, Married Filing Jointly, Married Filing Separately, or Head of Household.
- Enter annual business profit: Use your estimated net business profit after deductible expenses.
- Add other taxable income: Include other taxable income not already counted in business profit.
- Enter W-2 Social Security wages: Include wages that may affect the Social Security portion of self-employment tax.
- Enter expected withholding: Add estimated federal income tax withholding from employment and other sources.
- Add estimated credits: Enter any eligible tax credits you expect to claim.
- Enter prior-year tax details: Add prior-year total tax and adjusted gross income if available.
- Calculate: Review your estimated annual taxes, payment target, and illustrative quarterly installments.
Quarterly Estimated Tax Payment Schedule
Federal estimated tax payments generally follow four payment periods. The periods are not all three months long, so the payment dates should not be interpreted as four equal calendar quarters.
- First payment: Income earned January 1 through March 31. Generally due April 15.
- Second payment: Income earned April 1 through May 31. Generally due June 15.
- Third payment: Income earned June 1 through August 31. Generally due September 15.
- Fourth payment: Income earned September 1 through December 31. Generally due January 15 of the following year.
If a due date falls on a weekend or legal holiday, the deadline generally moves to the next business day. Check the IRS schedule for the applicable tax year.
Why Is Prior-Year Tax Information Important?
The IRS safe-harbor rules can help taxpayers determine whether they have paid enough tax during the year to avoid an underpayment penalty. In general, the required annual payment may be based on 90% of current-year tax or 100% of prior-year tax. The prior-year percentage is generally 110% for taxpayers whose prior-year adjusted gross income exceeds the applicable threshold.
The exact rules depend on filing status, prior-year return requirements, income, withholding, and other circumstances. Entering prior-year total tax and adjusted gross income helps the calculator produce a simplified comparison, but it does not establish that you qualify for a particular safe harbor.
Frequently Asked Questions About Quarterly Taxes
Who needs to pay quarterly estimated taxes?
What is the purpose of quarterly tax payments?
What is the difference between business profit and gross income?
Does quarterly estimated tax include self-employment tax?
What is the self-employment tax rate?
Can W-2 employees also need to pay estimated taxes?
What is the IRS safe-harbor rule?
Can I subtract tax withholding from my estimated payments?
What happens if I miss a quarterly estimated tax payment?
Can I pay more than the estimated quarterly amount?
Does this calculator include state estimated taxes?
Is this calculator an official IRS tax calculator?
Plan Your Estimated Tax Payments
Estimating your federal tax payments throughout the year can help you manage cash flow and prepare for tax deadlines. Use the Quarterly Tax Calculator to create an initial estimate based on your business profit, other income, withholding, credits, and prior-year tax information.
Review your estimates whenever your business income or expenses change, and check the latest IRS guidance before submitting a payment.