Question 1

When are quarterly estimated tax payments due?

Accepted Answer

Q1: April 15, Q2: June 15, Q3: September 15, Q4: January 15 of the following year.

Question 2

What is self-employment tax?

Accepted Answer

SE tax covers Social Security (12.4%) and Medicare (2.9%), totaling 15.3% of your net self-employment income.

Question 3

What happens if I miss a quarterly payment?

Accepted Answer

The IRS charges an underpayment penalty around 8% annual rate on the unpaid amount.

Question 4

What business expenses can I deduct?

Accepted Answer

Home office, internet, phone, equipment, software, travel, health insurance, retirement contributions, and professional development.

Question 5

Do I need quarterly payments with a W-2 job too?

Accepted Answer

If your W-2 withholding covers total tax liability including 1099 income, you may not need quarterly payments.

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