Would that rule of thumb apply to the total of all 4 estimated quarterly payments? For example, if I made $10,000, 20% of that would be $2,000. So should each of my estimated quarterly tax payments be $500?

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@peter101611 wrote:

Would that rule of thumb apply to the total of all 4 estimated quarterly payments? For example, if I made $10,000, 20% of that would be $2,000. So should each of my estimated quarterly tax payments be $500?

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It would if you know that your annual self-employment income after expenses was $10,000.

However, you should probably use the estimated taxes worksheet on Form 1040-ES to calculate the taxes.

Go to this IRS website for a Form 1040-ES and use the worksheet with the instructions starting on page 5 - https://www.irs.gov/pub/irs-pdf/f1040es.pdf#page=5