First, you must track your expenses as well because your tax will be on the net profit. Since you will be paid on 3/31, then your first estimated tax payment will be due April 15th (unless due to the current atmosphere they change and extend that date).
For self-employment keep in mind that there are two parts to the tax.
- Self-employment tax (net profit x .9235 x .153 = SE tax)
- Personal Income tax (based on the rate at which your combined taxable income from all sources falls)
- Depends on filing status, taxable income amount from all sources and anticipated itemized deductions if applicable
- Use the Tax Rate Schedules in the Instructions Form 1040-ES to estimate your tax rate
The estimated tax due dates are:
April 15th
June 15th
September 15
January 18th
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