What date to the Self-Employed pay taxes?

Question

I just started earning my total income as a self-employed, single individual, from years of being in Corporate America. So I am trying to amass as much knowledge about the ways of taxes, now that I no longer have it yanked from my paychecks. One of that parts that I am trying to find out is when do I have to pay my estimated taxes? I have been keeping track of what one-third of each of my paychecks would total up to (rough estimate of my taxes) and setting that aside. Do I have to pay quarterly or do I have the option to pay the whole thing by april 15th?
Thank you for your help!

Answer 1

You need to pay quarterly.

Answer 2

The due date for filing your annual federal return is April 15 just like when you were employed. Your quarterly estimated payments are due on April 15, June 15, Sept 15, and Jan 15, except that if any of those dates are a Saturday or Sunday, the quarterly return must be postmarked by the following Monday. If you wait until April 15 and owe over $1000 total, including your self-employment tax, you will pay penalties for under-withholding.

See form 1040ES - download it at irs.gov

Answer 3

Quarterly is recommended, but in your first year, you can pay on April the 15th if you want. However, would you rather pay a tax bill of say $2000 (just an example) all at once or would you rather pay it in 4 quarterly payments? Most people elect for the quarterly payments.

Answer 4

You should pay quarterly. The 1st payment is due April 15, the 2nd due June 15, the 3rd is due Sept. 15, and the final payment is due January 15. Yes that last one is correct.

As an aside, make sure you file form SE with your 1040. This will assess taxes due for Medicare and Social Security. Without that, you'll be underfunded at retirement. Good luck.

Answer 5

2007

Self employment tax is to be paid quarterly.

15.3% of net

Check the following link to learn more.

http://www.irs.gov/businesses/small/article/0,,id=98846,00.html

Answer 6

quarterly is correct.