Colorado Self Employment Tax Calculator (2020)

Last Updated September 28, 2020

What state are you in
What is your tax filling status?
What will your 1099 income be this year?
What will your W2 income be this year?
How much will you spend on business expenses this year?
Get your estimate
This year you will owe a minimum of
$X,XXX in self-employment taxes.
Want to save money with deductions and stay on top of your self-employed taxes?

Bonsai Tax is built just for self-employed workers.
It helps tens of thousands of people across the country save an average of $5,600 on their taxes.
This is an estimate, and should not be considered tax or financial advice.
Freelance Taxes Ebook

Freelance Taxes
The Ultimate Guide

This handy book will guide through best practices to follow when calculating your freelance taxes.

Initializing your download...
Oops! Something went wrong, please try again.

What You Need to Know About Colorado Self-Employment Tax in 2020

1. How much is the self employment tax for Colorado?

Anyone who is self employed with earnings more than $400 has tax obligations. That means paying Colorado self employment tax of 15.3%. Of that amount, 12.4% is dedicated to Social Security, old-age, survivors, and disability insurance, and 2.9% is dedicated to Medicare or hospital insurance.

2. How much do I owe in self employment tax to the government?

You pay Colorado self employment tax based on your earnings. The 12.4% of Social Security is applied to a set amount, which in 2020 will be the first $137,000 of your earnings. The 2.9% of Medicare is applied to all your combined net earnings. There are some different filing requirements if you have a business with your spouse, or your spouse works for you. You can also receive some benefits at income tax time by deducting the employer-equivalent portion of your Colorado self employment tax in figuring your adjusted gross income.

3. When do I have to pay taxes?

Colorado self employment tax must be paid on a quarterly basis, or you could face a penalty. The dates for making quarterly estimated tax payments are:

  • April 15th
  • June 15th
  • September 15th
  • January 15th

4. What forms do I need to file taxes?

Use Form 1040-ES, Estimated Tax for Individuals, to pay your Colorado self employment tax . When it comes time to file your annual tax return, use Schedule SE (Form 1040 or 1040-SR ), Self-Employment Tax to report your Social Security and Medicare taxes.

Get peace of mind at tax time.
Maximize your self employment tax deductions and save money.
Start Free
or further explore Bonsai

Looking for self employment tax information for your state?

Can't find your state? We're adding tax information for 10 other US states soon.

Track expenses, identify tax deductions, and estimate quarterly taxes using Bonsai.

Oops! Something went wrong while submitting the form.