finance3 sections · 17 items
Side Hustle Tax Rates Cheat Sheet
Self-employment tax rates, common deductions, quarterly estimated tax deadlines, and filing thresholds for freelancers and gig workers.
Self-Employment Tax Rates (2024)
| Item | Value |
|---|---|
| Social Security | 12.4% on first $168,600 |
| Medicare | 2.9% on all earnings |
| Additional Medicare | 0.9% above $200K (single) |
| Total SE Tax Rate | 15.3% (below SS cap) |
| Filing Threshold | $400 net self-employment income |
| 1099-NEC Reporting | Issued for payments ≥ $600 |
Quarterly Estimated Tax Deadlines
| Item | Value |
|---|---|
| Q1 (Jan–Mar) | April 15 |
| Q2 (Apr–May) | June 15 |
| Q3 (Jun–Aug) | September 15 |
| Q4 (Sep–Dec) | January 15 (next year) |
| Underpayment Penalty | Applies if you owe ≥ $1,000 |
Common Side Hustle Deductions
| Item | Value |
|---|---|
| Home Office | $5/sq ft (simplified), max $1,500 |
| Mileage Rate | 67¢ per mile (2024) |
| Internet/Phone | Business-use percentage only |
| Health Insurance | 100% deductible if no employer plan |
| Equipment | Section 179 up to $1,220,000 |
| Retirement (SEP IRA) | Up to 25% of net SE income |
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