ThomasM125
Expert Alumni

Get your taxes done using TurboTax

You can divide your tax on line 22 of your form 1040 by your taxable income on line 15 to get an estimate of your income tax rate. Then, add that to your self employment tax rate of about 15% and multiply the total by your net self-employment income (after expenses) and that will give you an idea of how much estimated tax to pay in. It may be a little high since this may not take into consideration all the credits you are entitled to.

 

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