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Kyoujouran
Level 2

Is quarterly Self-Employment Tax the only money we need to submit ahead of annual tax season?

Two questions:

 

1) Approximately how much money does one need to make through self-employment before they have to file quarterly payments?

 

2) Is the self-employment tax (fed and state) the only payments that need to be made, or are there other payments that have to be dealt with before the usual annual tax deadline?

1 Reply
Donna F 77
Employee Tax Expert

Is quarterly Self-Employment Tax the only money we need to submit ahead of annual tax season?

Estimated tax payments for federal and state are generally the only tax payments you need to focus on outside of tax season.  You technically wouldn't be required to pay estimated tax payments until your estimated tax due for the year reached $1,000 for federal purposes.  Estimated taxes are based on your entire tax situation, not just the self-employment income.

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