Calculate Self-Employment Tax (1099)
Calculate SE tax, income tax, and quarterly estimated payments for freelancers and contractors.
भारत में
Income tax: slab rates (same as salaried)। GST: ₹20L+ turnover mandatory (₹40L goods)। Advance tax: quarterly (15 June, Sep, Dec, March)। Presumptive taxation (Section 44AD): 6-8% of turnover = deemed profit (turnover under ₹2 crore)। Saves massive accounting hassle!
Deductions
Business expenses: rent, internet, phone, travel — all deductible। Home office: proportional rent deduction। Health insurance: 80D। No EPF contribution = plan retirement separately (NPS, PPF, MF)।
The single biggest tax mistake freelancers make: not paying quarterly estimated taxes. The IRS charges underpayment penalties of 8-10% (annualized) on missed quarterly payments. Set up automatic quarterly transfers to the IRS via EFTPS.gov — treat it like a bill, not an optional payment.
