JANETB211
Employee Tax Expert

Self employed

@Derionnaa, 

You are right about this not being easy!  Yes, there are tax brackets that can help you determine your income tax rate:  https://turbotax.intuit.com/tax-tips/irs-tax-return/current-federal-tax-rate-schedules/L7Bjs1EAD

 

And on the 1099 income, the best option is to make your best projection when planning your estimated taxes.  However, when you see that your Self -Employment income changes from your projection, go through the calculations again to make changes to your estimated payments as needed.  For example, if you have been estimating based on a certain profit expected, but then you have had cancellations etc, you do not have to send the same amount each quarter.  You can even skip a quarter if your updated projection shows no income taxable after expenses.  Does that help?