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KatFor
New Member

Estimated Quartely Tax payment threshold

I recently started working as an independent contractor and I understand I need to pay quarterly estimated taxes. But based on what worksheets I can find online, I don't earn enough to need to pay these. Is there any definitive answer on how much I would need to pay, if any?

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2 Replies
R-SchuleCPA
Expert Alumni

Estimated Quartely Tax payment threshold

If you expect to owe more than $1,000 in federal taxes for the tax year, you may need to make estimated quarterly tax payments using Form 1040-ES, or else face a penalty for underpayment.

 

Please don't forget that estimated tax liability should include both income taxes and self employment tax.

 

Also if your state has income tax, then it's estimated tax requirements will likely be different.

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KatFor
New Member

Estimated Quartely Tax payment threshold

If I'm married and filing jointly, is it based on our combined income or just mine?

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