Turbo Tax dose not "pay" anything for you. You fill out schedule C in your tax return for your self employment income and expenses. If you end up with a Net Profit of $400 or more Turbo Tax fills out Schedule SE and includes the self employment tax on your tax return. It is added to any regular income tax you owe. Or it will reduce any refund you are getting.
For SE self employment tax - if you have a net profit (after expenses) of $400 or more you will pay 15.3% SE Tax on 92.35% of your net profit in addition to your regular income tax on it. So if you have other income like W2 income your extra business income might put you into a higher tax bracket.
Are you maybe asking about paying Estimates? You need to send in quarterly estimated payments since they are not taking any withholding out of 1099 income.
You must make quarterly estimated tax payments for the current tax year if both of the following apply:
- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.
- 2. You expect your withholding and credits to be less than the smaller of:
90% of the tax to be shown on your current year’s tax return, or
100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)
Are you maybe asking about making estimated payments?
There is only 1 quarterly estimated payment left to make for 2020. It is due by Jan 15. If you haven't been sending in any estimates you should send in some NOW.
Or you can pay directly on the IRS website https://www.irs.gov/payments
Be sure to pick the right kind of payment and year.....2020 Estimate
