Hi Landa,
Appreciate your proactiveness on your tax year 2021 tax reporting, which is fast approaching early months of 2022.
For your contract work, you can deduct business expenses directly associated with making that income. Hence the "net income" may be much smaller than the gross contract income. The "net income" is subject to both income tax (depending on your marginal tax bracket of filing status) and self employment tax.
You are correct that half of self employment tax is deductible (Schedule 1, line 14) to reduce the Adjusted Gross Income. And TurboTax will take care of that calculation.
Whatever you have submitted as estimated tax payments toward tax year 2021 serves as deposit/payment toward your 2021 tax liability.
I recommend that you use TurboTax Online 2021 program (should be available by end of December 2021) to project and adjust your final estimated tax payment due 1/18/2022.
Hope the above helps. Thank you.
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