Question

Is my estimate of quarterly taxes for federal and self-emp right?

Forum|Forum|3 years ago
February 15, 2023
1 reply
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If I make $100,000 a year and need to pay quarterly taxes. Then I'll pay 3,825.00 in self-emp tax (15.3%) plus $3,692.50 in federal taxes (14.77% of income). Is this correct? That would be $30,070 in taxes for the year!?

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ThomasM125

The self employment tax percentage looks correct. I would need to know what your taxable income is and your filing status to determine what the income tax percentage and amount is. The best thing to do would be to make up a mock tax return and enter your anticipated items of income and deduction and see what the tax is and use that as an estimate. Also, you can avoid being penalized for underpayment of estimated tax by paying in 100% of your prior year tax on a quarterly basis this year.

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