JBedford
Expert Alumni

Self employed

Hi, @AJVW4435 , thanks for the question! 

 

The bare minimum you should pay in total tax payments is 100% of your 2022 tax liability from Line 24 of your Form 1040. If you make over $75,000 as a single filer, or $150,000 if married filing jointly, in self-employment income, then you should pay 110% of that number. This will allow you to avoid an underpayment penalty. You should count any tax payments you've already made, such as your withholding from the first part of the year. Then, you should make quarterly estimated tax payments for the rest of the year to make up any difference. 

 

Hope this helps, please let me know if not!

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