Once you know what your income actually was for the quarter you can manually calculate the taxes too. The FICA (Social Security and Medicare Taxes) are 15.3% of your net profit. You will also need to pay your ordinary income tax rate on top of the FICA rate. This will be somewhere between 10%-37% You can use the following link, when you have an idea of what your income will be, to determine your tax rate.
You can also use the TurboTax Calculator built into the program that already has all of your information to estimate your taxes. To access this calculator, click on
- Federal
- Other Tax Situations
- Go to Other Tax Forms
- Start next to Form W-4 and estimated taxes
You can make payments on the IRS website at the following link. https://www.irs.gov/payments
https://turbotax.intuit.com/tax-tips/small-business-taxes/estimated-taxes-common-questions/L1luHqVdl
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