You should subtract what your normal expense are and take 25% of your net to pay quarterly estimates which are due april 15, june 15, sept 15 and jan 15 . !5% is for your SE tax (social security and medicare.) If you have a state income tax, you will also have to pay estimated taxes to them.
marriages. If it is illegal to live together in your state he can not claim you. If you live in a state where it is legal, he can claim you if you lived with him for the whole year and did not earn $3500 or more.How do I calculate what percentage of my income to withhold for my quarterly taxes?
Just like your business, you project how much you think you are going to make and do a mini-tax return. The form to micro-manage the calculation is form 2210--annualized method.
Alternately, eyeball you tax brackets...and decide if you will have little income (then at least 15%), some income (then 30%) or tons of income (40-50%).
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