I am currently working and started a small threading salon business(LLC) with my wife. Monthly average business is $1000. how much estimated tax should i pay every month?

[nick4u]

my wife handles the business, no employees and we dont sell any product too.What kind of form do i need to pay taxes and can i file jointly?

[Carl]

Who is the registered owner of the business? If only one of you, then at tax time all business income and expenses will be reported on a SCH C as a part of your joint tax return.

If both of you are the registered owners of the business, then the business is a separately taxable entity that has to file it's own completely separate 1065 partnership return. The partnership will then issue each owner a K-1, which each owner will need for completing the personal 1040 tax return. Doesn't matter that the owner's are married and filing joint either.

[Carl]

Oh yeah, the IRS has all these complicated worksheets for figuring estimated taxes too. But in my personal opionion (I've been self-employed for years) they are an absolute waste of your time and effort. If you just send the IRS (and the state if the state taxes personal income) at least 20% of your *gross* business earnings each quarter, then at tax time you'll be fine. If you project that  your total household income from all sources will be more than $100,000, then you should send in 25% each quarter, as you'll most likely be in the higher tax bracket.
It's easiest to pay your FEDERAL quarterly taxes online each quarter at <a rel="nofollow" target="_blank" href="http://www.irs.gov/direct-pay">http://www.irs.gov/direct-pay</a>. Remember to print and keep that receipt when you pay!