If you are self-employed you are responsible for paying the self-employment tax. Any individual who is self-employed, retired, laid-off, or disabled, is responsible for filing and paying Federal estimated quarterly taxes and in states having a state income tax, for filing and paying State estimated quarterly taxes. This can be very different from the taxation that takes place while you are employed.
First of all, the term “estimated quarterly taxes” is not exactly accurate. The IRS publishes a schedule that jumps around a little. The first payment for a tax year is due April 15. The second payment is due …Read More