How much tax for self-employed

Q. Is there a calculator that would help someone determine how much estimated payments I can make since I am self-employed?

A. Unfortunately, there is no easy-to-use tool for calculating self-employment liability for estimated payments. Because the self-employed have to match Social Security and Medicare, yet get a credit for it above the line on the 1040, the actually liability is much more complicated to determine.

The number you would start with is based on last year’s tax liability. This is determined by your accountant when you complete your 1040 form and associated schedules. Essentially, you can split last year’s liability into Read more »