Quarterly taxes

veenbean · ‎February 11, 2020

I will have to pay quarterly taxes this year. I was wondering what % should I save per paycheck to have the right amount of money each quarter to pay my taxes with? Also, do I only get self-employment deductions during the annual filing and NOT the quarterly?

Thank you!

DavidD66 · ‎February 11, 2020

The amount you need to pay in estimated taxes each quarter depends on multiple factors. You can start with the fact that you will have to pay 15.2% of your profit in Self-Employment tax. Add to that the amount of federal income tax you owe on your income. With knowing more than can be shared in this Community, it's impossible to say for sure. For guidance on what to pay and when, see the following TurboTax help article:

Estimated Taxes: How to Determine What to Pay and When

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