Hi Joncoco!
I will try to answer your question with the limited information provided, as well as ask questions that will help you come to the right answer.
Assuming the $50K is your only income in 2024, and assuming you have no expenses to reduce the $50K, you are single, under age 65, no dependents and take the standard deduction, your Federal income tax would be approx. $4,016 and Mass tax would be $2,500. You would also owe self-employment taxes to the IRS, which is 15.3% of the net self-employment earnings.
These numbers will change depending on several factors, including:
Here's a link that may be helpful for you. A Guide to Paying Quarterly Taxes
Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!
Sincerely,
Kimberly, CPA for over 30 years
Typically, you’ll want to pay based on your estimated profit – what you earn minus expenses related to generating the income. Self-Employment tax is about 15% - Social Security and Medicare. Your income tax rate is based on your tax bracket.
Determining what to pay and when is crucial to avoid penalties and interest on underpayment of tax. Here is a great resource on how to pay federal estimated taxes.
MA also requires you to file a state Schedule C, if you file a Schedule C on your federal return as a self-employed individual. Your profit gets rolled in with your other state taxable income. The current tax rate for earned income in MA is 5%, but your actual outcome can vary based on your other sources of income. You can pay MA estimates here.
Hope this helps!
Cindy
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