Hi,
In addition to my regular salaried income from my primary employer, I earned additional income in 2022 as a consultant / contractor. These payments were received in Q2 and Q3 from a foreign entity, the Asian Development Bank, based in the Philippines. As such, I will definitely NOT receive any 1099s nor income forms. I'm a California resident. How do I estimate the amount I owe the IRS and the state of California? Should I use Schedule C or Schedule SE for the IRS? Do I have to submit/file those forms now, later, never, or can I just make payments? Can I make all payments at once (for both quarters) or am I required to wait until next quarter to pay taxes on Q3 earnings? Do I really have to pay 15.3% to the IRS and another 15.3% to the state (equaling 30.6% total)?
Thank you for your answers!
