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Is there an equation to figure 2018 estimated taxes for self employed income?
The calculations I used to use don't work now that all our income is from self employment. I know I begin with gross less expenses for net self employment income. I need to know at what point I plug in things like: dividend/interest income, self employment tax, sep and traditional ira contributions, self employed health insurance premiums, std. deduction, exemptions (or has that been eliminated?)..... Meaning, how do I get the taxable income figure that I then take to the tax tables to figure estimated tax due? Do I use the rate schedule on pg. 33 in Pub 505 or the tax w/holding tables for wages?
Thanks.
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Is there an equation to figure 2018 estimated taxes for self employed income?
Here is a link for estimated taxes for 2018. It has instructions and a worksheet to enter in SE income, wages, and other income.
This should help you plan your payments.
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