What taxes are paid quarterly?
Sarah Duran
Published Mar 23, 2026
Quarterly taxes (or estimated taxes) are how self-employed individuals have to pay their taxes to the IRS throughout the year if your income exceeds a certain amount. These four tax payments, made every three months, are meant to cover Social Security, Medicare and your income tax.
What happens if you don’t pay quarterly?
Tax penalties can be pricey, depending on how much you underestimated your taxes due. Interest is charged on the amount you underpay from the day your quarterly payment is due until the day it’s paid. The underpayment penalty rate is the federal short-term rate plus 3% and is announced quarterly.
Where do I put quarterly income tax payments on my tax return?
Take credit for your payments on your Form 1040. Your personal tax return has a “Payments” section where you can record the total amount of quarterly income tax you’ve paid during the year. This amount is applied to the amount your tax return shows you owe in taxes for the year.
When do you have to pay quarterly estimated taxes?
The quarterly estimated tax deadlines for 2020 are: January 15, 2020: Last quarterly tax payment (4/4) for the 2019 tax year due. April 15, 2020: First quarterly tax payment (1/4) for the 2020 tax year due. June 15, 2020: Second quarterly tax payment (2/4) for the 2020 tax year due.
What kind of taxes do you pay on a quarterly basis?
As a self-employed individual, you file an annual return but usually pay estimated taxes on a quarterly basis. Quarterly taxes generally fall into two categories: The self-employment tax (Social Security and Medicare) Income tax on the profits that your business made and any other income. In the 2020 tax year, for example.
Where do I report payments on my tax return?
Take credit for your payments on your Form 1040. Your personal tax return has a “Payments” section where you can record the total amount of quarterly income tax you’ve paid during the year. This amount is applied to the amount your tax return shows you owe in taxes for the year. Report your payments on Line 65 of your Form 1040.
