1) It has nothing to do with having an LLC. It has to do with earning self-employment income, which does not have any tax withheld. One should make estimated tax payments if not doing so would result in an underpayment penalty.
2) The bare minimum you should pay 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. 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.
3) The Illinois income tax rate is a flat 4.95%.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
