Budget

Weekly gross

Total tax / wk

Net spendable / wk

Monthly left over

Pay & tax setup

Item	Monthly	Wk 1	Wk 2	Wk 3	Wk 4
Hourly rate	—
Hours / week
Tax set-aside
SE Tax (15.3% × 92.35%)	—	—	—	—	—
Federal Income Tax	—	—	—	—	—
Montana State Tax	—	—	—	—	—
Total Tax Set-Aside	—	—	—	—	—
Net Spendable	—	—	—	—	—

Fixed expenses

Expense	Due	Monthly	Wk 1	Wk 2	Wk 3	Wk 4

Variable expenses

Expense	Due	Budget	Wk 1	Wk 2	Wk 3	Wk 4

Savings goals

Goal	Monthly target	Wk 1	Wk 2	Wk 3	Wk 4

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Debts

Name	Balance	APR %	Min payment	Mo. equiv.	Est. payoff	Priority	Status

Extra payment calculator

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Date	Category	Description	Amount

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How contractor taxes work in Montana (2025 figures)
As a self-employed contractor, you pay taxes on your own — no employer withholds for you. You're responsible for three layers:

Self-Employment (SE) Tax

Rate: 15.3% on 92.35% of net earnings (the 7.65% reduction accounts for the employer-half of FICA that you effectively pay yourself).

Formula: SE Tax = gross × 0.9235 × 0.153

You can deduct 50% of SE tax from your federal taxable income, which reduces the federal tax owed.

Federal Income Tax (2025 brackets, single filer)

Taxable income	Rate
$0 – $11,925	10%
$11,926 – $48,475	12%
$48,476 – $103,350	22%
$103,351 – $197,300	24%
$197,301 – $250,525	32%
$250,526 – $626,350	35%
Over $626,350	37%

Standard deduction: $14,600 (2025 single). Federal taxable income = gross − SE deduction − standard deduction.

Montana State Income Tax (2025)

Taxable income	Rate
$0 – $21,100	4.7%
Over $21,100	5.9%

Montana standard deduction: $15,750 (2025 single). MT taxable income = gross − MT standard deduction.

Quarterly estimated payments

Unlike a regular employee, you pay taxes four times per year directly to the IRS and Montana DOR. Due dates:

Q1 (Jan–Mar)	April 15
Q2 (Apr–May)	June 15
Q3 (Jun–Aug)	September 15
Q4 (Sep–Dec)	January 15 (next year)

Federal: Pay via EFTPS.gov or IRS Direct Pay. Use Form 1040-ES.

Montana: Pay via TransAction Portal (TAP) at dor.mt.gov.

This app helps you set aside the right amount each week. Your accountant or tax software handles the actual filing. The IRS safe-harbor rule says you generally avoid underpayment penalties if you pay at least 90% of this year's tax, or 100% of last year's (110% if income > $150k).

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