Freelance tax set-aside calculator
Enter what you earn and spend in a typical month and your own effective tax rate. See how much of every invoice to move to a tax account, and what that adds up to per month and per quarter.
Your numbers
Example numbers are filled in – replace them with yours. Amounts are in any currency.
Everything you invoice in a typical month, before expenses and tax.
Software, equipment, workspace, insurance …
Your own estimate of total tax as a % of profit. 0–95.
See how much of one invoice to move to your tax account.
What to set aside
Example result for the numbers above.
- Set aside from this invoice
- 282.24
- Share of every invoice to set aside
- Set aside per month
- 1,176.00
- Quarterly estimate (3 months)
- 3,528.00
- Yearly estimate
- 14,112.00
Based on a monthly profit of 4,200.00.
How it is calculated
- Monthly profit = gross income − expenses (never below 0)
- You can type 1500, 1 500 or 1500,50; tax rate must be 0–95%
- Set aside per month = monthly profit × effective tax rate
- Share of every invoice = set aside per month ÷ gross income
- Set aside from an invoice = invoice amount × that share
- Quarterly estimate = monthly amount × 3; yearly = monthly × 12
Keep the whole year on track
The Freelance Starter Bundle gives you three spreadsheets: the Freelance Finance Kit (income, expenses and tax reserve), the Get Paid On Time Kit (invoice tracker and reminder emails) and the Freelance Rate & Quote Calculator.
Get the Starter Bundle – $25