The main difference between federal and state income taxes is that federal taxes fund the federal government and state taxes fund the government in your state. All U.S. taxpayers process their federal income taxes through the IRS, but each state has its own taxing authority.
For federal (IRS) estimated tax payments, please use this link to calculate your amount due for the end of the year, this will inform you whether you should make estimated tax payments.https://www.irs.gov/individuals/tax-withholding-estimator
Yes, you should make you federal estimated tax payments quarterly, although you can just make an estimated tax payment at the end of the year.
Here is an article you can refer to regarding NY estimated tax payments. https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-payments/view-change-new-york-estima...
Also, here is a NY income tax calculator. https://www.forbes.com/advisor/income-tax-calculator/new-york/
You should also make NY estimated tax payments quarterly.
Here is a link to EFTPS, where you can make electronic federal estimated tax payments quarterly: https://www.eftps.gov/eftps/
Here is a reference for making NY estimated tax payments: https://www.tax.ny.gov/pay/ind/pay-estimated-tax.htm
Thank you,
John
CPA
