How do i figure quarterly taxes as a first time booth renter at a salon? First time being self employed so I have no idea how to do this unfortunately.

amyh1818 · ‎May 4, 2020

RobertG · ‎May 6, 2020

The best way to figure your quarterly taxes is to estimate your net earnings every three months and then pay a percentage of that to the IRS.

The IRS makes it easy to pay, just go to the IRS website: Paying Your Taxes

Figuring the amount to pay is harder, the Self Employment, (Social Security), tax rate is 15.3% and you have to pay income tax on top of that, of at least 10%.

The TurboTax article: A Guide to Paying Quarterly Taxes explains how to calculate the percentage of net income to pay.

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How do i figure quarterly taxes as a first time booth renter at a salon? First time being self employed so I have no idea how to do this unfortunately.