A supplementary 0.9% Medicare surtax pertains to higher-money earners since income tax season 2013. Thus to own taxation years 2022 and you will 2023, the newest Medicare surtax pertains to unmarried filers and you may brains away from house whoever income is higher than $2 hundred,100, married couples processing as one whose money exceeds $250,100 and you may married people processing independently with earnings of $125,one hundred thousand or maybe more.

If due to the fact an independent specialist, you would expect to are obligated to pay $step 1,100000 or maybe more into the fees after you file your own annual come back, you will have to generate estimated quarterly tax payments. These types of normal repayments protection oneself-work taxation and your taxation accountability on the seasons. The first quarterly tax payment for every single tax seasons flow from inside the April. Next repayments try due inside Summer and you can September, immediately after which January of the pursuing the 12 months.

Failing to pay your estimated quarterly taxes or underpaying them can get trigger a tax penalty. How big is the latest punishment utilizes simply how much you underpaid.

Please remember, you’ll have to shell out income tax and estimated quarterly taxes at the the official top, also. Failing to pay condition taxes or every quarter taxes, otherwise underpaying for each and every quarter, may also lead to a tax penalty.

Income tax Write-offs for Separate Builders

Write-offs lower your nonexempt income on 12 months. Separate contractors claim her or him as the organization expenditures to their taxes. Read More