Free tool • US & Canada

Tax Reserve Calculator

Stop guessing how much to set aside for taxes. See your true "Safe to Spend" after accounting for self-employment tax, income tax, and GST/HST.

US & Canada

Supports US self-employment tax and Canadian CPP/GST/HST.

Safe to Spend

See exactly how much is yours after setting aside taxes.

No surprises

Know your quarterly payment before the deadline hits.

Your Income

Enter your freelance revenue and expenses to see how much to set aside for taxes.

$

Total income from freelance/self-employment before expenses

$

Software, equipment, insurance, home office, etc.

Your Tax Reserve

See exactly how much to set aside for taxes and what you can safely spend.

Enter your income details to see your tax reserve breakdown

Disclaimer: This calculator provides estimates based on 2025 tax rates and the inputs you provide. Actual taxes depend on your specific situation, deductions, and credits. This is not tax advice—consult a qualified tax professional for your specific circumstances.

Frequently Asked Questions

How much should freelancers set aside for taxes?▼
Most freelancers should set aside 25-30% of net income. This covers self-employment tax (15.3% in US) plus federal and state income taxes. Use our calculator for a precise estimate.
What is self-employment tax?▼
Self-employment tax covers Social Security and Medicare. In the US, it's 15.3% of net income. Employees pay half while employers pay the other half—freelancers pay both portions.
When do freelancers pay quarterly taxes?▼
US: April 15, June 15, September 15, January 15. Canada: March 15, June 15, September 15, December 15. Pay quarterly if you expect to owe more than $1,000 (US) or $3,000 (Canada).
What is the GST/HST threshold in Canada?▼
You must register once gross revenue exceeds $30,000 in four consecutive quarters. Then you charge HST (13% in Ontario) on invoices and remit to CRA. This money belongs to the government.

Related Resources

Quarterly Tax Savings Guide

How to save for and pay quarterly estimated taxes.

Read guide

Freelance Rate Calculator

Calculate your hourly rate based on income goals.

Try calculator

Want to track your tax reserve automatically? Cash Flow Forecaster shows your Safe to Spend in real-time.

Try Cash Flow Forecaster Free