Self-employment tax: 15.3% of 92.35% of your net profit, with Social Security capped at the $184,500 wage base.
Deduction for half of it: the employer-equivalent half of SE tax is deducted from income.
QBI deduction: up to 20% of qualified business income, phased out above $201,750 of taxable income ($403,500 joint) for businesses with no W-2 employees; $400 minimum from 2026.
Income tax: 2026 brackets after the standard deduction.
15.3% on 92.35% of net earnings: 12.4% for Social Security on earnings up to $184,500, and 2.9% for Medicare on all earnings, plus 0.9% Additional Medicare Tax above $200,000 ($250,000 married filing jointly).
How much tax do I pay on $80,000 of 1099 income?+
As a single filer with no other income: $11,304 of self-employment tax and $5,344 of federal income tax, $16,647 in total, after deducting half of the SE tax and a $11,650 qualified business income deduction.
Do I need to pay quarterly estimated taxes?+
Yes, if you expect to owe $1,000 or more for the year. Payments are due in April, June, September and January; paying at least 100% of last year’s tax (110% above $150,000 of AGI) avoids the underpayment penalty.