Great questions!!
First, here are my favorite self employment links:
Self employment tax Talks about social security and Medicare taxes
Self employment tax hub with calculator Helps to answer questions and figure out if you need to pay estimated taxes
Self Employment income and expenses Talks about income and expenses.
The most important part is what you were asking about, how do I know how much to pay for estimated taxes.
You will never know exactly but you can use the link above to try to come close to what you need to send in. Self employment tax (social security and medicare) are taxed on NET INCOME so it is very important to add all your expenses. The cost of training from a prior year can only be used in the year they occurred. You could go back and amend you 2021 return to add those expenses. The only issue would be that you might have to purchase the Self Employment software and this may cost a bit more. I guess it all depends on how much you paid for your education and how much that lowers your taxes from 2021.
Please give me a thumbs up if this was helpful.
Katie S.
Katherine S 63
