Do I need to pay both Federal and State estimated tax payments?
I am an independent contractor working under a 1099-NEC. Do I need to pay both Fed and State estimated tax payments? Or just state ? Or just Federal ?
02297
2 Replies
Bsch4477
Level 15
Mar 14, 2021 9:22:34 AM
Both federal and state will require estimated tax payments depending upon your total tax liability.
KathrynG3
Expert Alumni
Mar 14, 2021 9:29:34 AM
Yes, you must pay both federal and state estimates four times a year, 4/15, 6/15, 9/15 and 1/15.
The tax will be calculated on net income from self-employment and should be enough to cover the self-employment tax of 15.3% plus income tax according to your tax bracket.