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Jane saved $4,740
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Jane is a freelance blogger from California and her sole source of income is from freelancing gigs and blogging. When it was time for her to pay her quarterly taxes, she wanted to avoid overpaying. She realized the only way to avoid overpaying on taxes was by finding tax deductions. FlyFin’s A.I. came to her rescue and found every possible deduction for her, automatically. From a yoga mat to a camera for streaming her classes and even softwares like Canva or Vimeo for streaming classes, A.I. helped organize her deductions and calculated her quarterly tax payment with 100% accuracy.

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Use An Estimated Tax Calculator To Calculate Quarterly Taxes

You might think paying self-employment taxes is an annual occurrence, but happens more frequently than you think. If you’re new to the world of self-employment, it’s a good idea to familiarize yourself with how to calculate quarterly taxes. You can calculate them yourself or use an estimated tax calculator. You just need to enter a few details about your tax situation, and an IRS estimated tax payments calculator can easily find your owed tax liability. 1099 workers have to calculate estimated tax every year as they may need to make payments every quarter if their income will result in a tax amount over $1,000. Using a calculator to figure out how much federal estimated tax payments to make will make tax season much easier to navigate.
Key Takeaways:
  • Self-employed individuals have to pay estimated taxes online every quarter if they owe more than $1,000
  • A tax estimate calculator is a handy tool that can compute tax liability
  • Failing to pay quarterly taxes on time will result in penalties from the IRS

Q. How to accurately estimate quarterly tax payments?

To accurately estimate tax payments, you should track your income, deductions, and credits throughout the year. You can also reach out to a CPA or use a free quarterly tax estimator if you need extra help.

Q. How to calculate estimated tax payments for 2023?

You can use an estimated taxes calculator for the self-employed to check whether you need to make estimated quarterly tax payments.

Q. Who pays estimated tax?

Self-employed individuals, freelancers, and independent contractors who expect to owe at least $1,000 in taxes for the year generally need to pay estimated tax.

Q. Can estimated tax be paid online?

You can pay estimated tax online through the Electronic Federal Tax Payment System (EFTPS) or the IRS Direct Pay system.

Q. Can estimated tax be paid late?

1099 contractors can pay estimated taxes after the deadline may get hit with penalty fines from the IRS. An estimated tax calculator can help you avoid this.

Q. Can I pay estimated tax all at once?

As the IRS collects tax on a “pay as you go” basis, you cannot pay estimated tax all at once. If you pay a lump sum when you file your annual tax return, you might also have to pay penalty fees.

Q. Can estimated tax be paid early?

You can file and pay your estimated tax as soon as the IRS starts accepting tax returns, usually at the end of January.

Q. Do quarterly estimated tax have to be paid equally?

No, quarterly estimated tax does not have to be paid equally, but it is generally recommended to pay them in equal installments to avoid potential penalties.

Q. When should I be calculating estimated taxes for 2023?

The estimated tax payment due dates for 2023 are April 18, June 15, September 15 and January 16 of the following year. If you’re unable to pay on time, you can use an IRS payment plan calculator to get an extension.

Q. Is estimated tax state or federal?

You may have to pay both federal and state estimated quarterly tax depending on the state you live in. Federal estimated tax will include the self-employment tax but state estimated tax will be calculated based on the tax rate of your state.

Q. How to calculate estimated tax?

Estimated tax is calculated by estimating your income for the year and determining the appropriate tax liability based on that estimate. You can use IRS Form 1040-ES or use an estimated tax calculator for the self-employed.

Q. What percentage should I pay estimated tax?

The percentage you should pay for estimated tax varies depending on your income, deductions, and tax bracket. Generally, the IRS recommends paying the lower of either 100% of your previous year’s taxes or 90% of your current estimated taxes.

Q. How do I know if I have to pay estimated tax for self-employed income?

If you expect to owe at least $1,000 in taxes after subtracting any withholding, tax deductions and tax credits, you are required to pay estimated tax. You can use an estimated taxes calculator for the self-employed to check this.

Q. How to file estimated tax?

Estimated tax is typically filed using Form 1040-ES. You can fill out the form and submit it either electronically or by mail.

Q. I used a quarterly calculator, where do I pay the tax?

Estimated tax should be paid directly to the IRS. Federal income taxes are also paid to the IRS, and state income taxes are paid to the appropriate state tax agency.

Q. What is estimated tax withholding?

Estimated tax withholding refers to the amount of tax you estimate and pay throughout the year rather than having taxes automatically withheld from your income by an employer.

Q. How to estimate tax withholding for 2023?

To estimate tax withholding for 2023, you can use the IRS' withholding calculator or consult a tax professional. It takes into account factors such as income, deductions, and credits to determine the appropriate withholding amount.

Q. Can I pay estimated tax instead of withholding?

You can choose to pay estimated tax instead of having taxes withheld from your income. This is a common practice among self-employed individuals.

Q. Why is estimated tax required?

Estimated taxes for the self-employed is to ensure that taxpayers meet their tax obligations throughout the year, especially for those who don't have taxes withheld from their income. It also helps prevent a significant tax burden at the end of the tax year.

Q. Do I have to pay estimated tax if I change my withholding?

If you adjust your withholding to ensure that enough taxes are being withheld throughout the year to cover your tax liability, you may not have to pay estimated tax. However, it's important to ensure that your withholding is enough to avoid tax penalties.

Q. Can I increase withholding instead of paying estimated tax?

You can increase your tax withholding from your W-2 job to cover your tax liability instead of making estimated tax payments. This can also help you avoid potential underpayment penalties. You can do this by filling out Form W-4.

Q. Where do estimated tax payments go on Form 1040?

Estimated tax payments are reported on Form 1040-ES, not on the standard Form 1040. Form 1040-ES is used specifically for estimating and paying quarterly taxes.

Q. Is there a penalty for not paying estimated tax?

If you do not pay enough in estimated tax or make late payments, you may get hit with late penalties and/or underpayment penalty fees from the IRS.

Q. What is the minimum estimated tax payment?

The minimum estimated tax payment is generally either 90% of the tax liability for the current year or 100% of the tax liability from the previous year (whichever is lower).

Q. Do I have to pay estimated tax on investment income?

If you have investment income, such as interest, dividends, or capital gains, you may need to pay estimated tax on it if you think you will owe over $1,000 in tax.

Q. How to calculate estimated tax as an independent contractor in California?

To calculate estimated tax as an independent contractor in California, you generally need to estimate your taxable income (after writing off tax deductions and claiming tax credits) and apply the appropriate tax rates.

Q. What happens if I underpay my estimated tax?

If you underpay your estimated tax, you may have to pay penalties on the underpaid amount.

Q. What do you need to pay estimated tax?

To pay estimated tax, you typically need your gross income which you can get from your 1099 forms. You will also need to estimate your tax deductions for the year to find your taxable income, which you can do with an estimated tax calculator. Then you can fill out Form 1040-ES and make the payment.

Q. Can I pay less than my estimated tax?

It's generally better to pay the full estimated amount or at least 90% of your current year’s taxes to avoid underpayment penalties. If you use a self-employment estimated tax calculator, you can avoid paying penalties.

Q. How to get out of paying estimated taxes?

If you have a low tax liability (less than $1,000) or have met the safe harbor provisions, you may be exempt from paying estimated taxes. The safe harbor provision is paying either 90% of your current year’s taxes or 100% of your previous year’s taxes. You can also avoid paying estimated taxes if you increase your W-2 withholding.

Q. How to calculate estimated tax in an S-corp?

To estimate quarterly taxes in an S-corp, you typically need to calculate the estimated taxable income and divide it by four to find the estimated quarterly tax payments. Make sure to use any tax deductions and credit to lower your income.

Q. How to calculate quarterly taxes easily?

FlyFin’s free quarterly tax calculator gives 1099 workers a full breakdown of their tax liability, including their estimated tax payments.

Q. Can I pay quarterly taxes using a credit card?

You can pay quarterly taxes using a credit card. The IRS provides options to pay taxes with a credit card through approved payment processors. However, keep in mind that there may be processing fees associated with credit card payments.

Q. Are there any online platforms that help with estimated tax payments?

Yes, there are online platforms that help with estimated tax payments. Some popular platforms include the Electronic Federal Tax Payment System (EFTPS), IRS Direct Pay, and various tax software providers that offer payment features integrated into their platforms.

Q. How to track my estimated tax payments?

You can track your estimated tax payments by keeping detailed records of the receipts, bank statements and previous 1040-ES forms. Additionally, you can use certain tax software or a spreadsheet to maintain an online record of your payments.

Q. How often should I review and adjust my estimated tax payments?

It's advisable to review and potentially adjust your estimated tax payments at least once a year or whenever there are significant changes in your income, deductions, or tax situation. Regularly monitoring your tax liability can help you avoid underpayment or overpayment.

Q. Are there any exemptions or deductions available for estimated tax payments?

There are no specific exemptions or deductions available solely for estimated tax payments. However, you can consider eligible deductions and credits when estimating your overall tax liability, which will ultimately impact the amount of tax payments you make.

Q. Can I use previous year's tax information for my estimated tax payments?

Yes, using the previous year's tax information can provide a good starting point for estimated tax payments. However, make sure to consider any changes to your income or tax laws that may affect your current tax liability.

Q. What happens if I overpay my estimated tax?

If you overpay your estimated tax, the excess amount will be credited toward your overall tax liability. You can either request a refund for the overpayment or apply it to future tax payments.

Q. How to calculate estimated taxes with unemployment income?

Unemployment income is generally taxable and should be considered when estimating quarterly tax payments. You may need to increase your estimated tax payments or adjust your withholding to account for the taxes owed on unemployment benefits.

Q. Are there any penalties for overpaying estimated tax?

No, there are no penalties for overpaying estimated tax. Overpaying will not result in any negative consequences, but the IRS may take a few weeks to process your refund if you constantly overpay them.

Q. Can estimated tax payments be made via automatic bank transfers?

Yes, estimated tax payments can be made through automatic bank transfers using the Electronic Federal Tax Payment System (EFTPS) or other approved payment methods provided by the IRS.

Q. Can I request an extension for filing estimated tax?

No, there are no extensions specifically for filing estimated tax. The due dates for quarterly tax payments are fixed throughout the year. However, you may apply for a filing extension for your annual tax return.

Q. Can I deduct business expenses from my estimated tax payments?

No, business expenses are not deducted directly from your quarterly tax payments. However, you can deduct eligible business expenses when calculating your overall tax liability on your annual tax return.

Q. How do I amend my estimated tax payments if my income changes?

If your income changes significantly during the year, you can adjust your estimated tax payments for future quarterly payments. You can use Form 1040-ES to recalculate the estimated tax amounts or contact the IRS directly.

Q. Is there a specific IRS form to use for making estimated tax payments?

Yes, the specific IRS form used for making estimated tax payments is Form 1040-ES. It helps you calculate and report your estimated tax liability for each quarter.

Q. What happens if I under report my income on estimated tax payments?

Underreporting income on estimated tax payments may result in underpayment penalties and paying interest on the reported amount. It's important to accurately report your income to avoid potential penalties.

Q. Can I make changes to my estimated tax payments throughout the year?

Yes, you can make changes to your estimated tax payments throughout the year if needed. You can adjust the amounts you pay in subsequent quarters based on changes in your income or tax situation.

Q. Do I have to pay estimated tax and income tax?

Estimated tax is a way to pay your self-employed income tax throughout the year rather than in one lump sum at the end. So, paying estimated quarterly taxes is part of fulfilling your income tax obligations.

Q. What is the tax for self-employed Doordash drivers?

Doordash drivers, like other self-employed individuals, are generally required to pay quarterly taxes since they receive 1099 income and are responsible for their own taxes.

Q. Which 1099 form do I need to pay estimated tax?

To pay estimated tax, you generally don't use a specific 1099 form. Instead, you use IRS Form 1040-ES, which is specifically designed for estimating and reporting your quarterly tax payments.

Q. How to accurately estimate quarterly tax payments?

To accurately estimate tax payments, you should track your income, deductions, and credits throughout the year. You can also reach out to a CPA or use a free quarterly tax estimator if you need extra help.

Q. How to calculate estimated tax payments for 2023?

You can use an estimated taxes calculator for the self-employed to check whether you need to make estimated quarterly tax payments.

Q. Who pays estimated tax?

Self-employed individuals, freelancers, and independent contractors who expect to owe at least $1,000 in taxes for the year generally need to pay estimated tax.

Q. Can estimated tax be paid online?

You can pay estimated tax online through the Electronic Federal Tax Payment System (EFTPS) or the IRS Direct Pay system.

Table of contents

Who has to pay estimated taxes?...Read more

How to calculate quarterly taxes?...Read more

How to use an estimated tax calculator?...Read more

When should I pay estimated taxes?...Read more

How to pay quarterly taxes online?...Read more

Who has to pay estimated taxes?

Self-employment tax (or SECA tax) needs to be paid by every 1099 worker who makes over $400 in earned income every year. The SECA tax is set at a rate of 15.3%, with 12.4% towards Social Security and 2.9% for Medicare. However, SECA tax isn’t paid once a year like federal income tax. The IRS taxes income as it is earned, so this isn’t a problem for W-2 employees whose employers withhold taxes for them. But self-employed individuals are in charge of paying their own taxes, so they have to make these tax payments themselves. The IRS knows that self-employed income isn’t always the same every year. That’s why SE taxpayers are required to make estimated payments every quarter. These payments will only have to be made if the owed tax crosses $1,000. Generally, it’s easier for freelancers, small business owners, gig workers and independent contractors to use an estimated taxes calculator to find their tax liability for the year rather than try to calculate it themselves.
Infographic entitled Benefits of Using An Estimated Tax Payments Calculator listing x reasons to use a self-employment quarterly tax calculator.

How to calculate quarterly taxes?

So you know that estimated taxes have to be paid if the tax amount is over $1,000. But you might be wondering, “How do I know how much quarterly tax I owe?”, and if there’s a limit to how much tax you’ll have to pay. Unfortunately, there is not. If you earn over $400, you’ll have to pay SECA tax. And if you think you’ll make enough to owe over $1,000, you have to make the estimated tax payments. Apart from just calculating your owed tax, an estimated tax calculator can also find deductions you can claim. To calculate estimated tax, you’ll need to either enter the number of business expenses you’re writing off or choose what you are eligible to write off from a list of deductions. A 1099 quarterly tax calculator can find deductions like health insurance premiums, advertising costs and internet expenses. Say you’re a part-time photographer who earned $8,000 in the months of January to April 2024 and expect to earn the same amount each quarter throughout the year. You also spent $2,500 on travel expenses, equipment and vehicle mileage. This means your taxable income is $5,500 for the first quarter of 2024. You decide to use an estimated taxes calculator and find that your income for the whole year is approximately $27,500. Your total owed tax for 2024 is $4,208, or about $1,052 per quarter. Using your tax deductions has saved you $778. That’s the power of a quarterly tax estimator!
Infographic entitled Tax Deductions Using An Estimated Quarterly Tax Calculator listing nine business expenses that can be used to lower quarterly taxes.

How to use an estimated tax calculator?

A quarterly tax calculator only needs a few pieces of information from you to estimate your tax amount. Think tax info like the state you live in, your filing status, your job, all the business expenses you want to write off and your income for the year. Certain estimated tax calculators (like FlyFin) can even find your tax deductions for you (like retirement contributions), making that step so much easier. If you live in New Jersey all year but are moving to another state at the end of the year, you should still enter your state as New Jersey because that is where all your income comes from. If you’re a full-time 1099 worker, you’ll need to total all your income sources to get your gross income. This means any money earned from gig work, freelancing, operating as a small business or an independent contractor. So, how to calculate quarterly taxes? Use a tax calculator, enter all the basic tax information required and get a tax breakdown of your total liability and quarterly payments. Then, you just fill out Form 1040-ES and make your payments.
Infographic entitled What Goes Into A Tax Estimate Calculator listing six tax information that a calculator needs to find estimated taxes.

When should I pay estimated taxes?

Usually, estimated taxes are paid on a quarterly basis. The payment deadline for each quarter falls on the 15th of the month (or the next working day). If you can't pay your taxes by the deadline, you will be fined by the IRS. Another thing to remember is that once you calculate your quarterly taxes, you can pay them off in one go. You don’t necessarily have to wait until the end of each quarter to make your estimated tax payments 2024. What is the penalty for not paying quarterly taxes? You can face two types of penalties: the late penalty and the underpayment penalty. It’s pretty easy to avoid the late penalty fees. All you need to do is just pay your taxes on time. To avoid the underpayment penalty, you can do a couple of things. The first option is to use a 1040-ES calculator to pay 100% of the tax you owed last year. This is an easy way to avoid penalty fees, especially useful if your income does not fluctuate as often. The second option is to pay at least 90% of your tax liability for this year if you think you’ll make less than you did last year. As this is an estimated payment, you can pay a little over 90% as a safety net to avoid an underpayment penalty. This is known as the “safe harbor” rule. If your AGI (Adjusted Gross Income) was over $150,000 as a single filer, you’d need to pay 110% of last year’s tax liability to fulfill the safe harbor rule. The last option is to pay 100% of your current year’s tax liability if you think your income is going to be more than what you made last year. A tax penalty calculator is a good tool to check whether you owe the IRS any penalties. You can also use this to calculate IRS payment plans. The penalties usually get higher the longer you put off paying your tax liability, so it’s a good idea to pay them off as soon as you can. These are the quarterly tax dates for 2024.
Infographic entitled 2024 Quarterly Tax Deadline showing the estimated tax dates for 2024.

How to pay quarterly taxes online?

So you now know how to use an estimated tax calculator and how to calculate your quarterly taxes. Let’s talk about how you can make these tax payments to the IRS. The easiest way to do this is to pay directly on the website. You can also use the IRS2Go app, available in both Spanish and English, to make your estimated tax payment. Another way to use the information you got from a quarterly taxes calculator is to pay using the EFTPS. Also known as the “Electronic Federal Tax Payment System,” this method allows you to view all your previous tax payments and tax returns. You’ll need to make an account to register (don’t worry, it’s free), and you can start making your payments. If you’re looking to make these payments the old-fashioned way, you can still send the IRS checks. All you have to do is attach them to Form 1040-ES, which you’ll use to make these quarterly payments. Make sure to add your social security number or tax ID, mention the year of payment on the check and send it in without stapling it to the form. If you’re really old school, you can even call in and pay the IRS over the phone. You’ll need an EFTPS account to do this, and you’ll also have to pay them a small fee. If you don’t have an EFTPS account, you can still pay over the phone, but you’ll have to call a third-party provider. The last way to pay the IRS after calculating quarterly taxes is to increase your W-2 withholding amount. Now obviously, this will require you to already have W-2 income. So, W-2 employees have their income tax withheld from their employer. You can ask to have this amount increased to cover your quarterly tax payments with the help of Form W-4.
Infographic entitled Ways To Pay Quarterly Taxes listing six ways to pay after using an estimated taxes calculator to calculate tax liability.

FAQs

When should I pay taxes quarterly?

Is the IRS estimated tax payment due in January 2024?

Why do I have to pay quarterly taxes?

Is it better to pay taxes quarterly or monthly?

What is the 90% rule for estimated taxes?

Can I pay estimated taxes all at once?

Did the IRS change the tax due date for 2024?

How does FlyFin AI calculate my quarterly taxes?

What are the quarterly tax dates for 2024?

While filing my personal tax return, how do I report the estimated payments I made during the year?

Can I seek help from a tax expert if my taxes are complicated?

What happens if I miss a quarterly estimated tax payment?

How to file quarterly taxes, and what are the payment methods?

What happens if you pay too much estimated tax?

What is the penalty for not paying estimated taxes?

What percentage should I pay for estimated taxes?

How to request an abatement of the tax penalty?

Should I pay self-employment taxes quarterly or yearly?

Who has to pay quarterly taxes?

How to figure out estimated taxes for 2024?

What do I need to calculate estimated tax?

What tax deductions can a self-employed tax calculator find?

How to calculate estimated tax payments for 2024?

Is there an estimated tax payments calculator for 2024?

Does FlyFin’s calculator show me how much-estimated taxes I have to pay?

What are the benefits of automating my quarterly taxes?

What are the dates to pay estimated taxes for 2024?

Can I choose not to pay quarterly taxes?

How do I avoid quarterly tax penalties?

Can I start paying estimated taxes mid-year?

What is the 110% rule for estimated tax payments?

Are IRS estimated tax payments mandatory?

What form should I use to pay quarterly taxes?

What safe harbor percentage should I pay for estimated taxes?

Is there a penalty for not paying estimated quarterly taxes?

How to request a reduction of the tax penalty?

How to increase W-2 withholding for estimated taxes?

How to calculate my IRS payment plan?

Can I get professional help if my taxes are too complicated?

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What’s FlyFin?

FlyFin caters to the tax needs of gig workers, freelancers, independent contractors and sole proprietors. This tax tool is especially helpful for gig workers, who don't have tax support from an employer like W-2 employees do. FlyFin tracks all your business expenses using A.I. to find every possible tax deduction. You can also consult our expert CPA team to file a guaranteed 100% accurate tax return. It saves you a couple of thousand dollars and a ton of time on your taxes. Download the FlyFin app and have your 1099 taxes filed in less than fifteen minutes, saving you time and more money on your taxes than last year, guaranteed.
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