Estimate your combined Illinois state (4.95%) and federal self-employment tax as a freelancer or 1099 contractor. Plan to set aside roughly 30-35% of net income.
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Get Matched with a CPA →Illinois has a flat income tax rate of 4.95% that applies to all taxable income regardless of filing status or income level. This means freelancers in Illinois pay the same state rate whether they earn $30,000 or $300,000. Combined with federal SE tax, Illinois freelancers should plan to set aside approximately 30-35% of net income.
Illinois freelancers should factor in the 4.95% state income tax when planning their tax payments. This is in addition to the 15.3% federal self-employment tax and federal income tax based on your bracket.
All self-employed individuals in Illinois must make quarterly estimated tax payments to the IRS if they expect to owe $1,000 or more. Illinois may also require separate state estimated tax payments — check with a local CPA. Our calculator above gives you the exact quarterly amounts based on your income.
Based on the 4.95% state rate in Illinois, we recommend setting aside approximately 30-35% of your net self-employment income for taxes. This covers federal income tax, self-employment tax (15.3%), and Illinois state income tax.
The exact percentage varies based on your total income, filing status, and deductions. Use the calculator above for a personalized estimate, then set up automatic transfers to a dedicated tax savings account each time you receive a payment.
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