Deductions & credits

With this job, you will be all of the above-Independent Contractor, self-employed, sole proprietor.

You will need to set aside a maximum of 15% for self employment taxes-the W-2 equivalent of Social Security and Medicare withholding taxes.

Add another 10% for income tax and you should be well covered by the end of the tax year.

You will need to make estimated tax payments to the IRS at certain intervals during the year.

For guidance see How do I make estimated tax payments?

https://ttlc.intuit.com/questions/1900481-how-do-i-make-estimated-tax-payments

View solution in original post