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remedy143
New Member

If I'm currently working a job that is 1099, I would like to know how to calculate what I should set aside out of each check and how to pay it quarterly.

 
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1 Reply
Kat
Level 15
Level 15

If I'm currently working a job that is 1099, I would like to know how to calculate what I should set aside out of each check and how to pay it quarterly.

The best advice is to use the IRS Publication 1040-ES, linked below.  In that publication, you'll see a worksheet on page eight for calculating your estimated tax payments.  Because you're self-employed, you'll also be instructed to complete the worksheet for SE tax on page 6.  

 

You'll need to make these payments quarterly.  See the publication for estimated tax vouchers to use if you opt to mail in your estimated tax payments.  However, there are other ways to pay these taxes electronically.  

 

Please post back if you have further questions.  Here's the link to that IRS publication:

 

https://www.irs.gov/pub/irs-pdf/f1040es.pdf

 

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***
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