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