I'll be getting a 1099-MISC from my sole client.ĭoes the estimated tax from TT H&B consider my SE tax in it's estimates? (I think so since I have entered my SE gross income and expenses in the tax estimation portion of TT 2019 to estimate taxes for 2020.) How is the required 15. The results are only estimates however, as various other factors can impact your tax outcome. Our tax calculator stays up to date with the latest tax laws, so you can be confident the calculations are current.

I started working as an independent contractor in Mar 2019. Enter some simple questions about your situation, and TaxCaster will estimate your tax refund amount, or how much you may owe to the IRS. Our 401k distributions also w/h Fed and State income taxes. I receive SS income which w/h's Fed Income tax. Her employer w/h's Fed Income Tax, FICA and State tax. I file jointly with my wife and we always get a Federal refund. (To avoid possible IRS penalties, I've made estimated tax payments on-time throughout 2019.) I've read that as a self-employed independent contractor, making over $400 a year, is required to pay the 15.3% SE tax, yet the tax estimation from TT Home & Business says I don't owe ANY tax, which I assume means that my required SE tax is being covered somehow - maybe, I hope.

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