Quarterly Tax Calculator

Quarterly Tax Calculator Results

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Jan 14th, 2022

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When you're learning how to file self-employment taxes, paying your quarterly estimated duty and tracking your business expenses is crucial.

Here's a quick breakdown of what you need to know about making your quarterly tax payments.

How does the calculator work?

This calculator estimates your federal and state-level income tax, and then divides by four.

It uses the latest federal and state level tax brackets and standard deductions. If you tell us you have a W-2 job, the calculator assumes standard withholding allowances and subtracts your expected end-of-year refund from the end-of-year tax liability.

To simplify the experience, please note:

  • The calculator assumes you take the standard deduction, which nearly 90% of Americans do every year.
  • The calculator doesn't account for non-standard credits and deductions. Most notably, child and education expenses are not factored in. This means you'll likely overpay slightly using the calculator's results, but it's unlikely to be significant.

How to calculate estimated taxes and make a payment

Once you’ve used our estimated tax calculator to figure out how much you owe, making the payment is fairly straightforward and takes less than 15 minutes. You’ll need to make the payments four times per year, according to these due dates:

  • April 15th (payment #1)
  • June 15th (payment #2)
  • September 15th (payment #3)
  • January 15th of the following year (final payment)

Here's a quick rundown on paying your estimated taxes. For a more detailed walkthrough, check out our guide on how to file quarterly taxes.

Paying the IRS (Federal)

The easiest way to make a federal quarterly tax payment is to use IRS Direct Pay. 

Before you get started, make sure you have these details on-hand:

  • Your payment amount (use our calculator!)
  • Your SSN
  • Your spouse’s SSN (if married)
  • Bank account details

On the first screen, select “Estimated Tax” as the reason for payment, “1040ES” as the Apply field, and the year you are making the payment for. Do this even if you have a single-member LLC set up - only corporate taxes need to be filed through the IRS Electronic Federal Tax Payment System (EFTPS), and this is a bit harder to set up.

From here, the instructions on the IRS website are fairly self-explanatory. You’ll need to input your personal details, the payment amount, and input a payment method. 

After making the payment, you can see the status by clicking on “Look up Payment” on the IRS Direct Pay website.

Paying your state

If your state collects income taxes, you’ll need to also make a state estimated tax payment. Every state has different requirements for this, but it’s usually also quite painless. You’ll find state-specific instructions are generally easy to find on your State’s revenue department website.

The due dates for making state payments are the same as the federal ones, and the information required is also generally identical.

Most states offer two options for making the payment: an online portal, and mailing a check. Some states have great websites, but if you’re not so lucky you can always just mail a check.

What's the penalty for not paying quarterly?

If you wait until the end of the year to file taxes, you’ll have to pay a penalty. That penalty starts at 0.5% of your total tax owed and increases every month you don't pay, up to a limit of 25%.