Hello, I will begin work as an independent contractor next week. How do I pay taxes quarterly? How do I know how much to pay? Please help. Juliet Webb

[NCperson]

@julietjoly while it does depend how much you make (after expenses),

1) figure 15.3% for self employment tax

2) Income tax is based on the amount you earn less the standard deduction ($13850 filing SINGLE), less half the SE Tax and then determine the tax based on your tax bracket.  Simple Google 2023 tax bracket and you'll find a number of sites with this information.

Take 1/4 of the ANNUAL combined result and pay that quarterly to the IRS.  Since you are just beginning now, I wouldn't worry about the quarterly payment due 9/15, but pay the entire amount estimated by Jan 15.

The quarterly due dates for 2023 are 4/15/23, 6/15/23, 9/15/23 and 1/15/24. 

https://directpay.irs.gov/directpay/payment?execution=e1s1

Also, google your state website for their payment website.  Figure the tax is 3-5% for most states. 

[xmasbaby0]

When it is time to prepare your 2023 tax return in 2024, if you use online TurboTax you will need to use online Self-Employed OR  any version of the CD/download so that you can prepare a Schedule C for your business expenses and prepare the form for your self-employment (SE) tax for Social Security and Medicare.   If you qualify you might also be able to use free software on the IRS site.

When you are self-employed, you pay all of your Social Security and Medicare, since it is not being withheld from your pay and an employer is not paying a portion of it.  Keep very detailed,  meticulous records of your own expenses so that you can use them on your Schedule C.  

https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

https://turbotax.intuit.com/tax-tools/calculators/self-employed/

-Use this IRS site for other ways to file for free.  There are 8  free software versions available from the IRS Free File site

https://apps.irs.gov/app/freeFile/

[fanfare]

When to pay — Estimated tax payments are due four times a year:

April 15 for payment period January 1–March 31
June 15 for payment period April 1–May 31
September 15 for payment period June 1–August 31
January 15 for payment period September 1–December 31

@julietjoly