Estimate your quarterly taxes as a self-employed worker in Memphis for 2026, including self-employment tax, federal income tax, with no Tennessee state income tax.
Last updated: May 2026 · Data: MIT Living Wage Calculator, C2ER, U.S. Census, BLS, IRS, state and city sources
Memphis freelancers pay federal self-employment tax and federal income tax, but Tennessee has no state income tax. Tennessee has no state income tax on wages or salaries. The state previously taxed interest and dividend income (the Hall Tax), but this was fully repealed as of January 2021. Tennessee relies on its 7% sales tax for revenue.
| Tax Component | Rate / Detail (2026) |
|---|---|
| Self-Employment Tax | 15.3% on 92.35% of net profit |
| Social Security portion | 12.4% on first $176,100 |
| Medicare portion | 2.9% (no cap) |
| SE Tax Deduction | Deduct half of SE tax from income |
| Federal Standard Deduction (Single) | $15,000 |
| Tennessee State Income Tax | No state income tax |
| Memphis Local Income Tax | None |
| Quarterly Due Dates | April 15, June 16, September 15, January 15 |
Memphis sits on the Mississippi River and is a global logistics powerhouse, home to the FedEx world hub and Memphis International Airport (one of the busiest cargo airports on earth), along with healthcare, distribution, manufacturing, and a deep music heritage.
| Local Metric | Memphis (2026 estimate) |
|---|---|
| Metro population | 630,000 |
| County / jurisdiction | Shelby County |
| Cost of living index (US avg = 100) | 81 |
| MIT living wage, single adult | $19.00/hour |
| MIT living wage, one earner supporting a family of four | $38.50/hour |
| Applicable minimum wage | $7.25/hour |
| Average rent, 1-bedroom | $1,000/month |
| Average rent, 2-bedroom | $1,250/month |
| Median home price | $175,000 |
| Median household income | $48,000/year |
| Combined sales tax rate | 9.75% |
| Effective property tax rate | 1.3% of value/year |
Local figures are 2026 estimates compiled from the MIT Living Wage Calculator, the C2ER Cost of Living Index, U.S. Census and Zillow housing data, and city and county sources. Verify current figures before relying on them.
If you expect to owe at least $1,000 in federal tax, you generally must pay quarterly. This covers freelancers, contractors, sole proprietors, and LLC members in Memphis. Tennessee has no state income tax, so only federal estimated payments apply.
Federal estimated taxes are due April 15, June 16, September 15, and January 15. There are no state estimated payments in Tennessee.
A common rule is 25% to 35% of net profit. Without state income tax, Memphis freelancers can often target the lower end of that range. Use the calculator above for your numbers.
The self-employment tax rate is 15.3% (12.4% Social Security up to $176,100 of net earnings, plus 2.9% Medicare with no cap). It applies to 92.35% of net profit, and half of it is deductible against income tax.
Memphis does not levy a local personal income tax. Your estimated payments cover federal taxes only, since Tennessee has no state income tax.