Question

Self employment

Forum|Forum|2 years ago
August 30, 2023
1 reply
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I worked the first 2 1/2 months this year before retiring. But, I am still helping out my old Colorado company as a contract employee. The net income is about $300 per month.

I'm confused about quarterly taxes and tax rates .. I haven't paid a quarterly tax anywhere yet, so I'm guessing I'm behind?

Ask the Experts - Self-Employed - Aug 2023

R

RPZ1

Hello,

I will post a good link that will give you the details you are looking for. You should make the payments foe April and June as soon as possible. You might avoid paying a penalty to the IRS by doing so. https://turbotax.intuit.com/tax-tips/self-employment-taxes/a-guide-to-paying-quarterly-taxes/L6p8C53xQ The estimated taxes are based on gross pay.