Q:

Are there any free tax calculators online for a self-employed person?

A:

Quick Answer

Bankrate provides a free online tax calculator for self-employed individuals. The self-employed taxpayer enters his net business income or loss, employer paid income, church employee income and net farm income or loss to calculate his self-employed taxes for the year.

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Full Answer

A self-employed taxpayer uses a special calculator because he doesn't have an employer to withhold his Medicare and FICA taxes for him, notes Bankrate. In addition to self-employed taxpayers, church employees and people who own farms may also have to pay self-employment taxes. Tax calculators are self-help tools and may or may not give accurate results regarding what the taxpayer ultimately has to pay.

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