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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 ?

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2 Replies

Do I need to pay both Federal and State estimated tax payments?

Both federal and state will require estimated tax payments depending upon your total tax liability. 

KathrynG3
Expert Alumni

Do I need to pay both Federal and State estimated tax payments?

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

 

For more information, see: 

Can TurboTax calculate next year's federal estimated taxes?

Can TurboTax calculate the estimated payments for next year's state taxes?

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