You don't need to make an estimated tax payment🍹
Approx. part your of self-employment income you should set aside for taxes
Unless you’ve been paying
, you’ll owe around
at tax time.
Frequently Asked Questions
Boy, that's a lot. Can I reduce it?
Yes, you can. Depending on the type of self-employment income you have, many things you pay for will be considered tax write offs. Keeper Tax has another free tool you can use to
discover your tax write offs. If you aren't use what counts as a tax write offs and hate tracking receipts, you can try using Keeper Tax. We built our service for regular people who don't want to much around in the details of small business taxes. Check it out!
How does the calculator work?
This calculator estimates your federal and state-level income tax rate given your income level and basic household information.
It uses the latest federal and state level tax brackets and standard deductions. If you indicate that you have a W2 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, the following caveats should be noted:
Non-standard tax credits are not accounted for. Most notably, child and education expenses are not factored in. This means you will likely overpay slightly using the calculator's results but it's unlikely to be significant. The calculator assumes you take the standard deduction. With the Tax Cuts & Jobs act, this is fine for vast majority of Americans. If you have significant charitable, medical, or other personal itemized deductions then you will be overpaying.
What are quarterly taxes?
Quarterly tax payments are a way for the IRS to make sure you're withholding income when an employer isn't doing it for you. It requires paying part of your taxes four times a year, instead of all at once on April 15th.
We have another free tool you can use to calculate and pay your quarterly taxes called the quarterly tax calculator.
What's the penalty for not paying quarterly taxes?
If you wait until the end of the year to file taxes, you’ll have to pay a penalty. In 2019, that penalty is
around 5% of your total tax payment, plus inflation. In total, that's about 7% interest.
How do I make quarterly taxes payments?
You can pay online with direct deposit. For Federal taxes, you can pay online:
here. Most states also allow you to pay online - you'll need to create an account on the State revenue service website.
There are also services that will file quarterly taxes for you, such as
The Quarterly Tax Payment Program is a limited-entry service offered to existing Keeper Tax members. Participants will have quarterly tax payments made on their behalf.
The Keeper team employs tax professionals and algorithms to reviews every submission. The program can only be as accurate as the information provided by participants, and Keeper cannot take responsibility for errors made due to false information.
Keeper reserves the right to deny any participant if their tax situation is too complex.