Question

Estimated amount

Forum|Forum|2 years ago
August 30, 2023
1 reply
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Hi there!

I've been working as both an art model and pet sitter this year, keeping a graph of all of my earnings, and paying the quarterly deadlines the 15.3% that (I believe) I owe. Is that the correct number? If not, will I be able to rectify the balance when I file my yearly next April?

Ask the Experts - Self-Employed - Aug 2023

Cindy4 12

Hi @cclee123 !

15.3% is the correct amount for Self-employment tax to cover FICA, which is the social security and medicare tax. You will want to also consider your income tax that may be due based on your taxable income. Federal income tax is different than FICA. It will me an amount on top of the 15.3%. Here are the 2023 tax brackets that you can use as a guide to help you figure what percentage to include for that:

https://turbotax.intuit.com/tax-tips/irs-tax-return/current-federal-tax-rate-schedules/L7Bjs1EAD#:~:text=for%20other%20income.-,What%20Are%20the%20Current%20Federal%20Tax%20Brackets%20for%202023%20(for%20filing,%24172%2C623.50%20plus%2037%25%20of%20the%20amount%20over%20%24578%2C100,-How%20Do%20Tax

Hope this helps!

Cindy

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