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Get your taxes done using TurboTax
In considering whether to pay estimated taxes you would need to consider all your income and withholding for the year. If $2500 will be your only income for the year and assuming you had no expenses related to the income, you would most likely not owe any Federal or State income tax. However, you would owe Self Employment tax on the $2500.
Below is a link to an article that discusses Estimated Taxes that you may find helpful.
Estimated Taxes: How to Determine what to Pay and When
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‎October 30, 2024
12:00 PM
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