Self employed

Can someone please help me figure out how much I need to pay in quarterly payments for 2023?

• Yes, TurboTax can help with all of that.
• The tax that you're paying look s like it not income tax, but rather self-employment tax of 15.3%.

I filed federal income taxes for the first time this year. I got a job at the end of last year, so I only had 9k in income for 2022. I am single, no children. All of my income is as an independent contractor.

The underpayment penalty may apply if any of these apply:

• These are the rules for the safe harbor calculation of taxes.
• The amount of tax you paid during the tax year is less than 90% of the tax that you owed for the current year. 
• The amount you paid during the tax year did not equal 100%, (110% for higher incomes) of your taxes owed the prior year. 
• The IRS also says you can probably avoid the penalty if the amount you owe is less than $1,000, after subtracting withholding and refundable credits.

Can someone please help me figure out how much I need to pay in quarterly payments? Or point me to an easy to understand tool that doesn't involve deciphering IRS forms? I am completely lost

To avoid this situation, it is recommended that you adjust your W-4 with your employer or pay estimated taxes.

• As an independent contractor the W-4 will not work because your employer is not responsible to withhold taxes.
• Yes, you should pay estimated taxes.

Because I'll hopefully have my new job all year in 2023, instead of only part of the year as in 2022, I'm expecting my income to increase to around 19-22k for 2023 (before any adjustments/deductions/expenses of any kind applied). I've provided my numbers for 2022 below, in case they matter.

 You can follow these steps to prepare estimated tax forms in TurboTax.  Be sure to indicate the numbers you expect to earn in 2023.

To post your estimated taxes:

Start at Federal.

1. Deductions & Credits
2. Scroll to Estimated Tax Payments [Start / Edit Add]
3. Select the Federal, State or Local option.

I just want to avoid any penalties, which I definitely can't afford. And I am really concerned about also owing income tax on top of SE tax in 2023, which I've been told to expect. Everyone I know is expecting refunds, and I'm seeing people with incomes of 100k and up not owing a dime. What am I doing wrong that everyone else is doing right?

• The self-employment tax rate is 15.3%. That rate is the sum of 12.4% for Social Security and 2.9% for Medicare.
• This is charged on the net profit of your company, regardless of if you owe Income tax.