F I am self employed and my husband is employed and I file a schedule C with our joint tax return and we owe federal taxes, will we need to start paying quarterly taxes?

[VolvoGirl]

You should consider paying Estimates.  Or increase the withholding from his wages to cover your self employment tax.

For SE self employment tax - if you have a net profit (after expenses) of $400 or more you will pay 15.3% SE Tax on 92.35% of your net profit in addition to your regular income tax on it. So if you have other income like W2 income your extra business income might put you into a higher tax bracket.

You must make quarterly estimated tax payments for the current tax year if both of the following apply:

- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.

- 2. You expect your withholding and credits to be less than the smaller of:

    90% of the tax to be shown on your current year’s tax return, or 0

  100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)