I am new to being an independent contractor. I began a couple of part-time gigs last year and earned income from these gigs during the final quarter of 2023. However, my income was only 1,130.42. It is my understanding that The IRS requires quarterly estimated tax payments if you expect to owe at least $1,000 in federal tax for the year and North Carolina state tax appears to follow the same rule. While I don't expect to have to pay 1,000 in taxes, how do I know for sure? If necessary, I will need to submit an estimated quarterly tax payment by January 16th.
