Amanda White
CFP, 5-Year Full-Time Freelancer
How to Pay Quarterly Estimated Taxes
Step-by-step guide to calculating and paying quarterly taxes as a gig worker.
In This Article
Step-by-Step Guide
Estimate annual income
Project your gig earnings for the year.
Calculate tax liability
Figure self-employment tax plus income tax.
Divide by four
Split annual estimate into quarterly payments.
Submit payments
Pay via IRS Direct Pay or EFTPS.
Adjust as needed
Update estimates if income changes .
Pro Tips
- Due dates: April 15, June 15, Sept 15, Jan 15
- Use Form 1040-ES
- Apps like Keeper can estimate for you
- Late payment incurs penalties
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FAQs
What happens if I don't pay quarterly?
Penalties and interest on underpayment.
How do I pay?
IRS Direct Pay online is easiest.
How long does it take to complete this guide?
This guide is designed to take approximately 20 min to read through. Actual implementation time varies based on your experience level and the complexity of your specific situation. First-time practitioners should expect to spend additional time on hands-on steps.
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Gig Worker Tax Guide for 2024
What gig workers need to know for 2024 tax season.
Gig Worker Tax Deduction Checklist
Every deduction gig workers should consider.
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Important Disclaimer: This content is for informational purposes only and should not be considered tax, legal, or financial advice. Consult a qualified professional (CPA, tax attorney, or financial advisor) for advice specific to your situation.