If you are an independent contractor you are not an employee, therefore, no one withholds taxes for you, you must pay them yourself quarterly.
You can use either TurboTax now and do a dummy return to figure out how much you will need to pay quarterly or you can use QuickBooks Self-Employed to figure your quarterly taxes.
To enter your self-employment income click the following:
- Federal
- Income and Expenses
- Show More next to Self-Employment
- Start or Revisit next to Self-Employment
- Yes, to you have any self-employment income or expenses
- Enter the type of self-employment work you do
- Click through a few more screens and you will get to a screen that says "Your XX info"
- Click Looks good
- Then you will come to a screen that says Let's enter the income for your business. It will give you the option of 1099-NEC or Other self-employed income including the 1099K , cash and checks. Select the one that applies to you and hit continue
- If you do not select one, it will not let you enter your income
- Enter your self-employment income on the next screen
There are many deductions you can take depending on what you are doing as an independent contractor, so the best thing to do is probably just walk through the self-employment section of TurboTax and see what applies to you.
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