IRS form 1040-ES is the one to use to figure out your taxes. It includes worksheets for calculating income tax, and for figuring out self-employment tax. This is the contractor's equivalent to the FICA taxes employees pay for Social Security and Medicare. You owe it if you earn more than $400 this year.f self-employment only brings in a couple of hundred a year, estimated tax is not an issue. You don't have to worry unless you expect to owe least $1,000 for the year. If you also have a day job, that means you expect to owe $1,000 on top of whatever is withheld from your regular paycheck.
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New home for the 'Dukes of Hazzard' General Lee? Brian Grams doesnât need another bright orange 1969 Dodge Charger -- but says heâs in a race against time to buy the first General Lee 01 car before its current owner, golf-pro Bubba Watson, makes good on his promise to paint over the Confederate flag emblazoned on the roof of the vehicle.