Last year I transitioned from my FT job and now work as an independent consultant. My income comes from a monthly retainer for a Canadian firm. I send them a monthly invoice and there is no 1099 form involved. I have been making my own Estimated Tax payments to the IRS and Massachusetts at roughly 10% & 5% of my billings. I am wondering if this is adequate, especially on the Federal side since it supposed to cover my social security and income tax.
Can Turbotax provide me with specific advice on the proper estimated tax amounts in case I need to increase payment before the end of the tax year?
