Typically, you’ll want to pay based on your estimated profit – what you earn minus expenses related to generating the income. Self-Employment tax is about 15% - Social Security and Medicare. Your income tax rate is based on your tax bracket.
Determining what to pay and when is crucial to avoid penalties and interest on underpayment of tax. Here is a great resource on how to pay federal estimated taxes.
MA also requires you to file a state Schedule C, if you file a Schedule C on your federal return as a self-employed individual. Your profit gets rolled in with your other state taxable income. The current tax rate for earned income in MA is 5%, but your actual outcome can vary based on your other sources of income. You can pay MA estimates here.
Hope this helps!
Cindy
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