How much should I pay in quarterly estimated taxes for State?
I am an independent contractor getting paid on a 1099-NEC. 20% of my yearly income? What about the deductions I can claim like my car and other misc expenses I have? Does anything change if I file jointly with my wife and she gets paid by W2? I did not pay any quarterly estimated taxes in 2020 and it seems that we owe a lot more this year. Any suggestions as to what I can do when paying taxes next year so we won't get hit by a bigger tax bill?
How much should I pay in quarterly estimated taxes for State?
In TurboTax, click on Other Tax Situations > Other Tax Forms > Form W-4 and estimated taxes. The program will help you calculate your estimated 2021 taxes.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.