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How do I estimate self-employment taxes?

+2 votes
asked Jul 26, 2015 in Home Based Business by Treewriter (250 points)
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2 Answers

+2 votes
The IRS website has a page titled "Self Employment Individuals Tax Center" which is full of advice to help you estimate your taxes. There is also an online tool to help you calculate your taxes at that site.
answered Jul 26, 2015 by tangolady1 (4,230 points)
+1 vote
Bankrate.com is a highly reputable and respected financial site, and they have a free Self-Employment Tax Calculator. [1]

It's also important to determine whether you are actually required to make quarterly tax payments if you are self-employed. Here is an explanatory video from the "Estimated Taxes" page on the IRS.gov website. [2] It explains the basics of estimated tax payments and helps you to understand what the requirements are.

Estimated Tax Payments

1. http://www.bankrate.com/calculators/tax-planning/self-employed-business-tax-calculator.aspx
2. http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Estimated-Taxes
answered Jul 27, 2015 by AndreaM (20,510 points)
edited Jul 28, 2015 by AndreaM

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