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Business & farm
To make a Long Story Short, you should assign to Estimated Tax Payments about 15.3% of your Self-Employment Earnings, SECA), but there is more.
In addition you will owe Income Tax and Social Security and Medicare Taxes on your other income, as applicable.
Should you actually overpay your taxes, you will get a refund, however, should you underpay your taxes, in addition to the money that you already owe, you will be hit with penalties and interests.
IRS 2024 Tax Rate Schedules
You can have a more accurate calculation using a Tax Calculator where you can input the other circumstances surrounding your next year tax filing obligations.
Tax Calculator 2023
Lastly, below are the Estimated Taxes Deadlines:
1. April 15th
2. June 15th
3. September 15th
4. January 15th
When to Pay Estimated Tax
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