Self employed

Yes, it would be advisable to pay estimated taxes as a self employed contractor.

For self-employment net profit keep in mind that there are two parts to the tax, self employment tax and personal income tax.  

1. Calculate your net profit from your self employment (income less expense) for each of the following periods:
   1. Jan - Mar estimated tax payment due April 15th
   2. Jan - May estimated tax payment due June 17th
   3. Jan - Aug estimated tax payment due September 16th
   4. Jan - Dec estimated tax payment due January 15th, 2025
2. Calculate Self-employment tax (net profit x .9235 x .153 = SE tax) - same periods 
3. Personal Income tax (based on the rate at which your combined taxable income from all sources falls) - 
4. Tax rates for 2024 - see page 7 of Form 1040-ES Instructions.
   1. Depends on filing status, taxable income amount from all sources (for the entire year) and anticipated itemized deductions if applicable or the standard deduction
      1. Use your 2023 tax return to see what the taxable income was. If you can assume your other income and any federal tax withholding will be similar in 2024 you can ignore this step.  
         • 1040 Line 15 minus Schedule 1, Line 3 = Taxable income for 2023 plus the amount calculated in step 1 above.
   2. If you do not need to account for the other income on your return (see underline above) then you can just check your personal income tax rate for 2024 using 1.1. above.
5. Once you have the combined amount for each period you can enter the amount on your Form 1040-ES and make your payment or pay online.
   1. IRS Make a Payment