Question by sam & jack: Self employment tax?
I calculated my expected self employment income for 2006 in January of 2006 and paid $ 1500 in tax for each of the first 3 quarters; then I went on disability (had a baby) and had hardly any income for the fourth quarter (which I didnt plan on when I had initially calculated my tax installment payment last January). I have calculated that I have already paid (in my first 3 installments) more than I will owe in taxes for the year. Do I need to pay self-employment tax on my fourth quarter earnings? If I dont will I be charged interest/penalties even though I have overpaid already?

Best answer:

Answer by rhubardpi
No you need not pay in for fourth qtr. if you have already paid in more than you will owe for the yr. There will be no penalties or interest. Was it boy or girl?

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