How do I calculate what percentage of my income to withhold for quarterly taxes?

I'm self employed and doing my own books for the first time.

Fed tax

State tax

Social Security

Self employment tax



Am I missing anything?

Thanks for your help!How do I calculate what percentage of my income to withhold for quarterly taxes?
First, you estimate your net income each quarter - gross, minus expenses.



Self-employment tax (covering medicare and social security) is roughly 15%, and it's a flat tax, so it's the easiest part.



For federal income tax, you'll need to guess what your total income for the year is. You'll be sending tax payments in on a 1040-ES form, and the instructions come with a calculator. If you're going to be earning $40-50K or more, I'd pull out 35% for federal tax. If your income is $20 or less, it'll be more like 10 to 15% in income tax.



You'll need to play with some tax estimators - because your filing sttaus, and how many dependents you have, will affect your income tax rate - so it's really hard for us to tell you what it will be without more information.



Don't forget to look into state and local taxes - although, if they apply, they'll be much smaller than either self-employment or federal tax.How do I calculate what percentage of my income to withhold for quarterly taxes?
In simple terms you would estimate your annual income each quarter and do a mock tax return with that information. One quarter of the estimated tax due would be the amount of your estimated tax payment. given your expressed understanding you may be well advised to get some level of professional help for at least your first year.How do I calculate what percentage of my income to withhold for quarterly taxes?
My first year ,,,Every month 20-25% I had put aside After 7 months I went to an accountant and for Two years I was operating at a loss

Doing it myself ,,,,didn't payoff .....If you know an accountant or talk to one They will advise you better on the inner workings And that for me was 24 years ago %26amp; I'm still in Bizniz!!........Good Luck