as an IC you owe self-employment tax of about 14% of your net self-employment income. so if that number is net you'll owe the IRS about $160 as SE tax but no federal income tax for 2023. I don't know the rules for NC if you have no income tax liability in the prior year (2023) when you file for 2024
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here are the federal estimated tax rules to avoid penalties in 2024
There will be no federal penalties for not paying in enough taxes during the year if:
- timely estimated tax payments equal or exceed 90% of your 2024 tax or
- timely estimated tax payments equal or exceed 100% of your 2023 tax or
- the balance due after subtracting taxes withheld from 90% of your 2024 tax is less than $1,000 or
- your total taxes are less than $1,000
look at option 2.
assuming 1) that $1130 is your net SE income 2) your 2023 SE tax is about $160 and 3) you have no other additional taxes or tax credits, then to avoid penalties regardless of what 2024 is you only need to pay that $160 - $40 each quarter. (4/15/2024, 6/17/2024,9/16/2024, 1/15/2025).
if you expect to owe more in 2024 and don't want to owe a lot come 4/15/2025 you can pay any additional amounts that you want.
