Quarterly Estimated Tax Payment Calculation

[Kp58]

What percentage of my income should I set aside for quarterly estimated tax payments? Just looking for a safe percentage to go by. My income varies as a free lancer. 

What % for state (Wisconsin) and what % for federal?

[AmyC]

It depends. Self employment tax plus income tax equals your estimated payment.

Self employment tax - Medicare and Social Security is 15.3% on 92.35% of your Net Profit greater than $400.

Income tax brackets vary widely. There is no safe percentage. You should make estimated payments in order to have less than $1,000 due the IRS. You can start with a lower percentage and work your way as your income climbs or you can determine your average and set that aside. WI has a pretty big bracket that covers many based on your filing status.

Help with federal and state estimates:

WI DOR Individual Income Tax Estimated Tax Payments

Federal About Form 1040-ES, Estimated Tax for Individuals