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.
Hurdlr’s Tax Engine calculates 3 main types of taxes that 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)
Hurdlr does not estimate or track local taxes (i.e. city, township, municipality, etc) that you may owe or sales tax that you’ve collected or remitted, so you’ll want to track those types of taxes outside of Hurdlr.