Total Tax Owed
$22.3K
Quarterly Payment
$5.57K
On $90,000 net 1099 income, you owe $22,288 total (22.3% effective rate). Pay $5,572 quarterly to avoid underpayment penalties.
As a 1099 contractor, you pay self-employment tax (15.3%) on your net earnings. This covers both the employer and employee portions of Social Security (12.4%) and Medicare (2.9%). You can deduct half of your SE tax when calculating income tax.
To avoid underpayment penalties, pay estimated taxes quarterly by April 15, June 15, September 15, and January 15. The IRS requires you to pay at least 90% of current year taxes or 100% of prior year taxes (110% if AGI > $150k).
Total Tax Owed
$22.3K
Quarterly Payment
$5.57K
On $90,000 net 1099 income, you owe $22,288 total (22.3% effective rate). Pay $5,572 quarterly to avoid underpayment penalties.
As a 1099 contractor, you pay self-employment tax (15.3%) on your net earnings. This covers both the employer and employee portions of Social Security (12.4%) and Medicare (2.9%). You can deduct half of your SE tax when calculating income tax.
To avoid underpayment penalties, pay estimated taxes quarterly by April 15, June 15, September 15, and January 15. The IRS requires you to pay at least 90% of current year taxes or 100% of prior year taxes (110% if AGI > $150k).
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