Money Playbook · Updated 2026-10-02
Going Freelance (W-2 to 1099) in Illinois: the money playbook
On $75k in Illinois, if you go freelance your take-home pay falls by about $3,432 a year. 5-year simulator, scorecard, salary table and checklist.
Scenario simulator
W-2 employee
$57,577
1099 at the same gross
$54,145
Change per year
−$3,432
If the yearly difference is invested at 5%, after 5 years: -$18,962
Same gross pay, but you pay both halves of FICA. Health insurance, retirement match and unpaid time off are not included. The QBI deduction is left out.
Decision scorecard
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By salary level
| Salary | W-2 employee | 1099 at the same gross | Difference |
|---|---|---|---|
| $40,000 | $32,340 | $30,227 | -$2,113 |
| $60,000 | $47,420 | $44,250 | -$3,169 |
| $75,000 | $57,577 | $54,145 | -$3,432 |
| $100,000 | $73,927 | $69,351 | -$4,576 |
| $150,000 | $105,994 | $99,343 | -$6,651 |
| $200,000 | $139,176 | $129,738 | -$9,438 |
Printable checklist
Questions
- How much more tax do freelancers pay?
- You pay the employer half of FICA too, about 7.65% more on most income.
- What rate do I need to match my salary?
- Use the W-2 vs 1099 decision playbook for your state to find the break-even.
Method and sources
Figures come from the same engine as our paycheck calculators: 2026 federal brackets and standard deduction, 2026 FICA, and 2025–2026 resident state schedules. City and county taxes, credits other than the Child Tax Credit, and nonresident rules are not modeled. Educational estimate, not tax advice.