1099NEC for 2022

[hilliarddebbie]

So far for Jan-Mar of 2022 my NEC is 6300. I would like to start saving now for taxes that I will owe when I file for 2022. How can I calculate how much to set aside for that?

[ColeenD3]

Is this the total amount you will receive all year or is this just going to be for the first quarter?

You should add your income and expenses to arrive at a profit amount for each quarter. At a minimum, you should pay the 15.3% of that will be your social security and medicare taxes.  The rest of the computation will take some work for your Federal taxes since you have to take other income, deductions, and credits into account. 

You may just choose to create a mock return, plug in the figures and then see what your tax liability is for each quarter.