Hurdlr's Tax Engine calculates your estimated tax liability based on the most current rates and statutes published each year by the IRS. The tax calculation is an estimate, and is only as accurate as the data you enter.
The app's Tax Engine calculates three main types of taxes you may owe as an independent contractor or business owner:
- Federal Income Tax
- Self-Employment Tax (this is both the employer and employee portion of taxpayers' responsibility for Medicare and Social Security payments, also referred to as FICA or payroll tax)
- State Income Tax (if applicable)
To help facilitate your tax filing, you can export your comprehensive Tax Report by tapping Taxes (insert hat emoji) > Report > and selecting your desired date range. Tap Email Report to export the spreadsheet report directly to you or your accountant's email.