- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Self employed
Hi, @selfemptaxes , thanks for the question!
The bare minimum you should pay is 100% of your 2022 tax liability from Line 24 of your Form 1040. If you make over $150,000 if married filing jointly in self-employment income, then you should pay 110% of that number. You would pay this in four quarterly payments of 25% (or 27.5%) each. This will allow you to avoid an underpayment penalty. Also, don't forget to count any other tax payments you make. For example, if you have tax withheld from a job. This will reduce the amount you need to pay. So another way of thinking about it is that you should consider all income from all sources for both of you, but also all tax payments.
Hope this helps, please let me know if not!
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎August 30, 2023
11:05 AM