My wife started working as self employed near the end of 2023. We are trying to figure out the estimated tax payments she should be making to avoid and penalties or large tax bill when the next tax return comes up.
I'm pretty sure that filling out the 'Estimated taxes and Form W4 Worksheet' is what is used to calculate that for me. It seems its calculating our expected income, income tax, deductions, credits, etc for 2024 and estimating the self employment portion as well as the SS/Medicare parts.
Am I correct?