I receive a 1099 NEC and know I need to pay self employment tax. I earn about 3000 give or take a couple hundred through this. It is the only income I receive. What I am still unsure of is:
Are federal and income taxes the same thing?
How do I know if I need to pay them?
How do I calculate them?
Are they also payed quarterly at the same time as the self employment?
How do I know if I need to pay state tax?
How do I calculate state tax?
Are state taxes paid quarterly as well?
I am in New York State. Thanks for any help!
