Get your taxes done using TurboTax

The net profit from the child care will be subject to income tax and self-employment tax. The self-employment tax is a fixed 15.3% of your net income from the child care. Your estimated tax should at least cover your self-employment tax. 

The income tax is harder to predict as it varies by total taxable income on a joint return. You can use the chart below to estimate your tax rate. It is based on taxable income, so that is after you subtract your standard or itemized deductions.

Your estimated taxes are based on each quarter's income. For example, if you are paid $300 per week and work the entire quarter, that would be $3900 for the quarter. $300 X 13 weeks = $3900

The self employment portion of your tax would be $3900 x 0.153 = $596.70.

These number may be a little daunting, but you are allowed to take deductions from your self-employment income that could take a big bite of taxes.