Self employed

Hi justarabbitfortaxes,

Thank you for asking and providing us the information. Although the $3,000 you received is your only source of income. It will trigger Self Employment tax which is about 15.3% of the net income. When reporting self employment income, there are some deduction you could use to reduce your net income and tax liability and here is the article What self-employed expenses can I deduct?  for your reference. 

Regarding to Quarterly Tax Payment, I would suggest the following steps:

1. Do a good bookkeeping to find out the net income for your business.

2. Use tax calculator to estimate how much tax you may owe (pls include all income sources).

3. See if there is a need to adjust your tax withhold. You may update Form W-4 with your employer.

4. If you owe more than $1000 in tax, pay estimated tax by January 15th.

Doing estimated tax payment can help you avoid under payment penalties if: 

• Your filed tax return shows you owe less than $1,000 or
• You paid at least 90% of the tax shown on the return for the taxable year or 100% of the tax shown on the return for the prior year, whichever amount is less.

For the NY state tax, here is the article may help: How do I calculate and pay my New York estimated tax payments?  

We hope the above information has answered your questions. Please feel free to contact us if you have any further questions. 😃  We appreciate for your business and thank you for choosing TurboTax Live!