CashoutFeatures / Tax estimates
Tax estimates
Taxes on tips sneak up on you because nothing is taken out of the cash. Cashout estimates what you'll likely owe on your tips and wages as the year goes, and helps you set money aside so April isn't a surprise.
How it works
Set up your Tax Profile
- Open Taxes (on Android: Insights, then Tools, then Taxes) and tap Get Started, or go to Settings and open Tax Profile.
- Choose your filing status and your state, and enter any other W-2 income you expect for the year.
- Cashout uses your logged shifts for the rest.
What the Taxes screen shows
- Estimated Tax Liability for the year: federal income tax figured by bracket, Social Security and Medicare, and state income tax for all 50 states and DC, whether your state's tax is progressive, flat or none.
- Your effective and marginal rate, your year to date tips and Est. Take Home.
- Federal Bracket Breakdown, showing how your tip income moves up through the brackets.
- Links to Tax Savings, Tax Summary Export (a year-end PDF for filing) and Tax Profile. On Android, Tip Reporting is here too.
Tax Savings
After you save a shift, Cashout suggests how much of it to set aside for taxes. Log what you actually put away, and Tax Savings tracks it against your projected tax for the year, with your history and a streak. On Android you can also log a deposit by hand, record a withdrawal, see a monthly chart and a plan card that says how much to set aside each month, and keep a mini card on the Dashboard. Cashout doesn't move money; it's a tracker for the account or envelope you use.
Quarterly payments
Tax Savings shows Quarterly Estimated Payments with due dates and amounts. On Android, the Taxes screen also counts down to the next payment and shows its due date and about how much it is. See our quarterly taxes guide for who has to pay them.
Contractor (1099) income: Android only
On Android 6.1.0 and later, mark a job as paid on a 1099 and the Taxes screen adds a Contractor (1099) income section. It takes your 1099 earnings, subtracts your work expenses and business miles to get your profit for Schedule C, and figures self-employment tax at 15.3 percent on 92.35 percent of that profit. Half of the self-employment tax comes off your income before income tax, and the business income deduction (QBI) is applied. All of it is in your totals and quarterly estimates. Expenses aren't tied to a job, so all of the year's expenses come off 1099 profit.
Android and iPhone
| Android | iPhone | |
|---|---|---|
| Federal, Social Security and Medicare, state | Yes | Yes |
| Tax Savings and quarterly payments | Yes, plus a countdown on the Taxes screen | Yes |
| Self-employment (1099) tax | Yes, since 6.1.0 | No; W-2 estimates only |
| Tax tables | Updated 2025 and 2026 federal tables | Older 2026 tables, so the estimate can differ from Android's |
What it doesn't do
- No Tax on Tips isn't in the app yet, and neither is the overtime deduction. The estimate doesn't subtract either one. Use our No Tax on Tips calculator to see what the deduction could save you, and read how it works.
- It's an estimate for the US only. It doesn't handle itemized deductions or credits.
- State tax is always figured as a single filer, whatever filing status you pick.
- Mileage and work expenses are shown for your records but not subtracted from a W-2 estimate. On Android they do reduce 1099 profit.
- It doesn't send due date reminders for quarterly payments, and it doesn't file or pay anything.
Taxes work with no account and no internet. For filing, use official tax software or a tax professional.
