Thank you very much for your reply. What a nasty surprise! But I understand your explanation. I did notice I was originally due to pay about $1000 for the self-employment tax, but it was lowered to $600 by the EIC -- is there a way you recommend to estimate how much the EIC will be?
Similarly, about the standard deduction -- does that mean, if my income is over the standard deduction amount, I will need to pay income taxes as well?
I am estimating to make about $20-25k this year. After this experience, I want to make sure I better anticipate what I'll owe. I can't figure out if an income of $20-25k (all self-employed) means I'm required to do the quarterly payments, or if I can just set aside a percentage of my income throughout the year to hopefully have enough when it's time to file.
I know these are ignorant questions. I am trying to understand the article you linked, but it just seems to be over my head -- I apologize.
Thank you again for your time, I really appreciate it.
