calculate 2022 estimated tax

[Jaime Cabada1]

Thank you very much!!!

No further replies at the present time.  I'll just prepare what I want to do. 

[mmc12598]

What if I started my self-employment in 2022, used CD Premier in 2021 to file, and want to figure out how to pay (with & beyond federal & state) ALL the appropriate self-employment related taxes including SSA, Medicare, self-employment, ... by the estimated tax dates e.g. Sept. 15. ???  I am not particularly comfortable using online, with all my info sitting on\the internet, or apparently having to redo all of 2021 in online - first, which appears to be the path the online software is taking, when I started that.  And, is there anyway to actually talk to a TT human about any of this? All the other contact links I have found on TT or in this thread just go in circles / hang-up / drop calls --- this is such terrible customer service I am investigating other self-employment software. I would like to stay with TT since I have used it for years but this experience of trying to get simple questions answered about how to move up to self-employment level is really pushing me AWAY.  Just in case TT hasn't really grown too big to listen ...   Thanks

[VolvoGirl]

Yes you can use the Desktop Premier program.  You don't need to upgrade.  All the Desktop programs have the same forms. You just get more help and guidance in the higher versions. 

The self employment tax is for Social Security and Medicare.  The Self Employment tax (Scheduled SE) is if a person has $400 or more of net profit from self-employment.  You pay 15.3% SE tax on 92.35% of your Net Profit (If it is greater than $400).  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  

I would first save a copy of your return and work in the copy.  Go up to File-Save As.  

You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.

Or Go to….

Federal Taxes or Personal (Desktop H&B)

Other Tax Situations

Other Tax Forms

Form W-4 and Estimated Taxes - Click the Start or Update button

Or Here are the blank Estimates and instructions…..

http://www.irs.gov/pub/irs-pdf/f1040es.pdf

The 1040ES quarterly estimates are due April 18, June 15, Sept 15 and Jan 17, 2023.  Your state will also have their own estimate forms.

Or you can pay directly on the IRS website https://www.irs.gov/payments

Be sure to pick the right kind of payment and year.....2022 Estimate

[VolvoGirl]

Some general info on self employment on Schedule C.......

You will need to keep good records.  You may get a 1099NEC at the end of the year if someone pays you more than $600 but you need to report all your income no matter how small.  You might want to use Quicken or QuickBooks to keep track of your income and expenses.

There is also QuickBooks Self Employment bundle you can check out which includes one Turbo Tax Online Self Employed  return....

http://quickbooks.intuit.com/self-employed

When you are self employed you are in business for yourself and the person or company that pays you is your customer or client.

To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax.  You will need to use the Online Self Employed version or any Desktop program but the Desktop Home & Business version will have the most help.

Here is some IRS reading material……

IRS information on Self Employment

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center

Pulication 334, Tax Guide for Small Business

http://www.irs.gov/pub/irs-pdf/p334.pdf

Publication 535 Business Expenses

http://www.irs.gov/pub/irs-pdf/p535.pdf

[mmc12598]

THANK YOU !!!!!!!!!!!