Is this the total amount you will receive all year or is this just going to be for the first quarter?
You should add your income and expenses to arrive at a profit amount for each quarter. At a minimum, you should pay the 15.3% of that will be your social security and medicare taxes. The rest of the computation will take some work for your Federal taxes since you have to take other income, deductions, and credits into account.
You may just choose to create a mock return, plug in the figures and then see what your tax liability is for each quarter.
