Hi @KHA1
Thank you for joining us today! Tutoring can be very rewarding! You state $5k of your income is already taxed. I am assuming that you will receive a W2 for that portion of income with the proper withholdings. The remaining amount of $16k is your estimate of self employment work that you expect to earn as an independent contractor.
The IRS expects us to "Pay As We Go" with our taxes. So yes, you should make quarterly payments to the IRS for this income as it is earned to avoid interest and penalties. You can make and track your tax payments by setting up an account on the IRS website: IRS Payments
Once you file a tax return that has self employed income, TurboTax will help estimate future year quarterly payments. It can be a little tricky the first year to estimate without any history. Here is a tool that you can use to help: Tax Payments Calculator .
Keep in mind that these are only tools and estimates. Keep good records of your self employed income and expenses and attempt to start your return early so you will have your best understanding of your tax liability.
Thank you!
Melanie, CPA
