I have been working in the state of Texas under a 1099. What is the rate I should be going off of to send estimated self-employed payments if my total income is $700 per week since the start of August?
Also worked at the beginning of the year with a 1099 earning between $2500-$3000 per week. What should've been my tax rate?
Will I be making 2 separate reports? One for personal and one for Single Member LLC?
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Hello maribelpronail,
Because the Single Member LLC is filed on your Form 1040 under Schedule C, you only make the estimated payments under your social security number for the personal return.
The IRS requires that taxes are paid as you go instead of waiting to make a lump sum at the end of the year. This article from the IRS.gov will help explain: Pay As You Go, So You Won't Owe: A Guide to Withholding, Estimated Taxes, and Ways to Avoid the Est...
TurboTax's Tax Caster tax calculator is a good tool to help you estimate your 2024 tax bill or if you may get a refund.
I would suggest making your first estimated payment with the 3rd quarter deadline and base it on your year to date earnings. The 4th quarter estimated payment is due January 15th, 2025. You would base that estimated payment on your earnings from 10-1-2024 through 12-31-2024.
Here are some helpful links with additional information on how and when to make estimated payments.
Estimated Taxes: How to Determine What to Pay and When
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