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About to start being an Independent Contractor - Any advice on estimating taxes?
It's likely you don't have to make estimated tax payments if this is your first year of contracting (extra income), and your existing salary is already having taxes withheld. If you look at the 1040-ES: General Rule In most cases, you must pay estimated tax for 2014 if both  of the   following apply. This is easier to understand if you look at the worksheet.  Look at line 14b/14c and the associated instructions.  14b is your required annual payment based on last year's tax.  14c is the lesser of that number and 14a, so 14b is your "worst case".  14c is the amount of tax you need to prepay (withholding counts as prepayment). I'm going to apply this to your situation based on my understanding, because it's not easy to parse: