I just became self employed as a general transcriptionist last week and found out that I will need to pay quarterly taxes with one being due on 4/15. I haven't been paid anything yet from the company that I just started working with. How do I know how much I will need to pay and how do I pay it? I have 4 dependents that I file every year on my tax return. Will me paying quarterly taxes stop me from being able to file them for next year's tax return and if so will I get penalized for it? I'm very new to this self employment and even more confused. I just want to make sure I'm doing everything right because I'd hate to owe the IRS any money if I can help it. Thank you for any and all advice. I greatly appreciate it.
