I'll be paying taxes for the first time this year and need help understanding it all and knowing what to do. I'm working as an assistant for a small biotech company in a 1099 position. I'll be making between $400-$800 a month. I understand the difference between W-2 and 1099 & having to pay SE tax 15.3%, on a quarterly basis.
Do you only have to make quarterly payments if you make a certain amount? And do I make that amount?
Do you have to pay quarterly for SE & Federal Income taxes? And how do State taxes mix with these two? (I'm in California)
How do I calculate how much to pay quarterly?!?
I'll probably use something like TurboTax come next April when I file my annual return, but in the meantime, I'd like to figure out what I'll owe & how to pay/track without paying someone to help.
I find it all confusing, so any basic explanations are welcome. Any information and tips are greatly appreciated! If there are free resources out there to help calculate and understand all the ins and outs, please share them! Thanks!