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Step by step ($60,000 profit, single)
- Self-employment tax: $8,477.73; half is deductible ($4,238.86).
- Adjusted gross income: $60,000 − $4,239 = $55,761.
- Minus the 2026 standard deduction of $16,100.
- Minus the qualified business income (QBI) deduction: 20% of the smaller of QBI or taxable income = $7,932.
- Taxable income $31,729: income tax $3,559.47 using 2026 brackets.
- Total $12,037.20; ÷ 4 = $3,009.30 per quarterly estimate.
Total federal tax by 1099 profit (single, 2026)
| Profit | SE tax | Income tax | Total | % of profit | Quarterly |
|---|---|---|---|---|---|
| $25,000 | $3,532 | $571 | $4,103 | 16.4% | $1,026 |
| $40,000 | $5,652 | $1,775 | $7,427 | 18.6% | $1,857 |
| $60,000 | $8,478 | $3,559 | $12,037 | 20.1% | $3,009 |
| $80,000 | $11,304 | $5,344 | $16,647 | 20.8% | $4,162 |
| $100,000 | $14,130 | $8,235 | $22,365 | 22.4% | $5,591 |
| $150,000 | $21,194 | $16,413 | $37,608 | 25.1% | $9,402 |
| $200,000 | $28,234 | $25,196 | $53,431 | 26.7% | $13,358 |
QBI deduction assumptions
The QBI deduction is applied in full below the 2026 threshold ($201,750 single, $403,500 joint taxable income). Within the phase-in range it is reduced as if the business paid no W-2 wages and owned no qualified property, which is typical for freelancers; above $276,750 (single) or $553,500 (joint) it is zero. Businesses with employees may keep more of it, so this is conservative for them.
Quarterly estimated tax dates
For 2026 income: April 15, June 15 and September 15, 2026, and January 15, 2027 (moved to the next business day if it falls on a weekend or holiday). Paying 100% of last year's tax (110% if last year's AGI was over $150,000) through withholding and estimates generally avoids the underpayment penalty.
Federal estimates using 2026 IRS figures and the standard deduction. They leave out credits, state tax and other deductions, so treat them as a planning number, not a tax return.
Sources and assumptions
- IRS Revenue Procedure 2025-32 (2026 brackets, standard deduction, capital-gain thresholds, QBI thresholds)
- SSA: 2026 Social Security wage base $184,500
- IRS: estimated taxes
Related
Frequently asked questions
How much tax do I pay on 1099 income?
For a single filer with $60,000 of profit, about 20% in federal tax for 2026, including self-employment tax. State tax is extra.
Do I have to pay quarterly taxes on 1099 income?
Generally yes, if you expect to owe $1,000 or more for the year after withholding and credits.
What is the QBI deduction?
A deduction of up to 20% of qualified business income for sole proprietors and pass-through businesses, subject to income limits.
Does this include state tax?
Only if you enter a state rate; it is applied to profit after the deductible half of SE tax.