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Business & farm
Yes, quarterly payments should include your income tax and the self-employment taxes. If you wait to pay income or self-employed taxes when your file the return, you may be subject to interest and penalties.
Be sure to make payments by due dates. If you do not make quarterly payments on time or payments are not enough to cover the net earnings for that quarter, you may still see interest calculated for paying that quarter late.
Here are a couple of resources about how to calculate the self-employment tax:
https://www.irs.gov/taxtopics/tc554
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‎August 28, 2024
11:49 AM