Hal_Al
Level 15

Deductions & credits

"Self Employment tax" (SET) is social security and medicare tax  (known as FICA on your W-2 pay stub). SET is how the self employed pay their FICA.

If you already pay the maximum social security tax on your w-2 wages (wages over $132,900), then your SET would only be 2.9%.

 

TurboTax (TT) can prepare the quarterly payment vouchers. In your 2018 software, enter at:

 

Federal Taxes 

 

-Other Tax Situations

 

  -Other Tax Forms

 

    -Form W-4 and Estimated Taxes - Click the Start or Update button

 

On the next screen answer No to the W-4 question

 

 

If your goal is just to avoid the underpayment penalty, then paying 100% of your prior year tax liability is the “safe haven”


Or you can obtain  blank IRS Form 1040-ES from the IRS. The form and instructions are at this link:  https://www.irs.gov/pub/irs-pdf/f1040es.pdf

 

You can also pay Federal directly here.  Be sure to select 1040ES:

https://www.irs.gov/Payments