carmen_t
Employee Tax Expert

Self employed

Hello and thank you for your question.  I see you are utilizing TaxCaster.  TaxCaster is an estimator for the whole year; therfore, for example if your estimated taxes shows as $4,000 for SE and not other income then you can do 4 equal quarterly payments of $1,000 per quarter.  The amount from Schedule C self employment you will enter will be estimated total net income for the year (Gross Income less Cost of Goods Sold less Expense).  Gross Income is total sales.  The Net Income will need to be entered in TaxCaster to get the appropriate estimate for estimated tax payments.  I will also send a link to 1040ES to have more detail on estimated tax payments.  Please note TaxCaster is a good tax estimator for overall taxes.  It is estimating total taxes not just self employed income.  I hope this answers your question and have a wonderful day.

1040ES