Jackstar221
Employee Tax Expert

Business & farm

Hi,

 

If you received 1099-NEC's, you are considered self-employed. You must pay self-employment taxes, which includes social security and medicare tax, & income tax. To reduce underpayment penalties, the IRS requires self-employed individuals to make estimated tax payments quarterly.

 

Here is a link regarding requirements for estimated tax. IRS Estimated Taxes 

 

Within that link, you can use the IRS withholding estimator to help determine how much you may owe at year-end. Tax Withholding Estimator

 

You can register to pay estimated taxes online through the EFTPS website at EFTPS 

You also also mail in a payment, or use your online IRS account to make estimates IRS Form 1040-V 

 

The IRS expects you to pay taxes as you earn income, instead of paying at year-end.