Self employed

Hi Meech2019,

As a self-employed individual, generally you are required to file an annual return and pay estimated tax quarterly.  Self-employed individuals generally must pay self-employment tax (SE tax) as well as income tax. SE tax is a Social Security and Medicare tax primarily for individuals who work for themselves.  Before you can determine if you are subject to self-employment tax and income tax, you must figure your net profit or net loss from your business.  You have to file an income tax return if your net earnings from self-employment were $400 or more. If your net earnings from self-employment were less than $400, you still have to file an income tax return if you meet any other filing requirement listed in the Form 1040 and 1040-SR instructions.  

Form 1040-ES, Estimated Tax for Individuals PDF, is used to figure these taxes. Form 1040-ES contains a worksheet that is similar to Form 1040 ...

Form 1040-ES also contains blank vouchers you can use when you mail your estimated tax payments or you may make your payments using the Electronic Federal Tax Payment System (EFTPS). If this is your first year being self-employed, you will need to estimate the amount of income you expect to earn for the year.

If you estimated your earnings too high, simply complete another Form 1040-ES worksheet to refigure your estimated tax for the next quarter. If you estimated your earnings too low, again complete another Form 1040-ES worksheet to recalculate your estimated taxes for the next quarter.

Hope that helps

Ron G