You're required to make quarterly payments if you owe more than $1,000 in tax at the end of the year to avoid underpayment penalties. Here is a good overview of determining if and what to pay and when to pay it. You’re responsible for all of your FICA – Social Security and Medicare – along with income tax on your profit.
Congratulations on your new business! It's wonderful that you're setting aside 30%, and have it making money for you.
You'll want to track all of your business related expenses. This will be anything you pay out in order to generate the income. Here is a great resource for self-employment. Be sure to scroll to the bottom for the tools.
You can make estimated payments either by using form 1040-ES, or by using the direct pay IRS website.
Hope this helps!
Cindy
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