How do I do my estimated quarterly tax payments as a Contractor?

Question

I live in texas and estimate to make about 28,800 this year as a contractor. Now this is my first job as a contractor. My last job wasn't. I started this contractors position on Feb 4 2013 and I am new to this as far as how I do these estimates the right way. All the research I've done suggest to use ur last years income and taxes paid to help with the estimate. 
In 2012 I made like 16,361 before taxes (bullshit money) and the taxes I paid for the entire year were federal ($112) social security ($687.17)and Medicare ($237.24). I claim my mother on my taxes so they didnt take much out. 
My main questions are 1. Being  that I was a w-2 employee last year is it okay to estimate how much I would have to pay from that w-2, of course plus the fact I am going to be making more money this year? 2. Are there any other taxes I'm required to pay and what are they? 3. Will me claiming Head of Household ,because I take care of my mother decrease the amount I will have to pay quarterly?

Excuse me if I seem dumbfounded but I don't know much about taxes.

Bobbie · Accepted Answer

1040ES will be required for you to use with the 1040V payment voucher for each quarter of the 2013 tax year for this purpose and time in your life.
Use the search box at the www.irs.gov website for the 1040ES for this purpose.
The IRS does NOT yet have the 2013 1040ES available for the 2013 tax year yet.
But you can look at the 2012 one at this time.
Publication 505 (01/2012), Tax Withholding and Estimated Tax

www.irs.gov/publications/p505/ch02.html

Use your good daily written receipt books and records in order to correctly complete your 1040 income tax return during the 2013 tax filing season.
Self employed independent contractor schedule C or CEZ along with the SE to determine your NET PROFIT or LOSS from your business income during the tax year for this purpose.
SE your social security medicare tax amounts that you would OWE on your NET profit amount that would end up the page 1 line 12 from the schedule C and any SE tax owed page 2 line 56 and page 1 line 27 Deductible part of self employment tax attach schedule SE line 27 $$$  amount.
Starting, Operating, or Closing a Business
Starting a Business
Starting a business could be exciting.  If you're considering starting a business, start here. This section provides information on everything from a checklist for a new business, to selecting a business structure, and more.

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Starting-a-Business

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Starting,-Operating,-or-Closing-a-Business

Hope that you find the above enclosed information useful. 02/16/2013

Anonymous · Answer

option #1, take last year's tax return (not the W-2), find the tax bill, divide by 4 and that's the minimum amount.  You can still owe a ton of money on 4/15, but you won't have an estimated tax penalty to pay.

Option #2, Run the estimates every "quarter" and adjust the amount.  SE tax of 15.3% seems to floor people when they go to pay.

By the way, in order to claim HOH, mom must be your dependent on your return *and* you must pay more than half of the bills for the household.

Anonymous · Answer

First answer is fantastically reliable. although in case you probably did no longer gets a commission till Sept-November, the perfect quarter may be the 4th quarter--you will estimate and deliver in money via a million/15/2013 to stay away from any achievable predicted tax penalty. No you estimate as you get the money. The 9/15/2012 due date became into for 6/a million to eight/31.

tro · Answer

the first voucher is due April 15, 2013, that is a 1040ES, and you prepay what you anticipate your taxes to be by that time
self employment is approx. 15.3% of your sch C, if that is $28800K that would be $4069(divided by four that would be $1017, if you are single, no dependents your taxable income for income tax will be $18800, probably almost another $2K for income tax($500 a quarter)
the income tax will change as per your description as head of household and a dependent

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How do I do my estimated quarterly tax payments as a Contractor?

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