Tax Rate for Quarterly estimate is extremly high above 75% of my net earnings after expense's. Anyone know why this is?

Again this is not for the year only Quarterly estimate. I include payments I make on my assets and your Tax estimator doesn't count them as an expense but doesn't deduct them at all result has gotten even worse. I am now down to 3k profit and I still owe more Tax's then I even made in profit this is impossible. has me oweing over 10k for the first Quarter of 2020 with 3k income. Go figure also would be nice to figure this asset's depreciation as it is a Truck but as it is used Commercially licensed 100% business use it must be classified as a fixed asset with a fixed depreciation not a mileage write off. Id like to be able to also include and track my periderm. Those 2 days I could be working making money not doing a quarterly Tax filing like it was the end of the year. from what I have seen your quarterly estimator doesn't work as advertised neither does the ability to track expenses and write offs. This book system isn't really much more then a limited ledger. as it doesn't track a lot of expenses. as it is your quarterly estimator not being able to track or calculate these deductions would put me paying tens of thousands of dollars I don't owe that could be used as working capitol already has me paying over 10k I don't owe and its only first quarter..

Hello, @TheAcuDoc.

I'll share insights on how QuickBooks Self-Employed (QBSE) calculates your taxes and what you can do to get a more accurate estimate so you can make quarterly payments accordingly.

QBSE calculates your estimated federal income and self-employment taxes by applying income tax rates to your total taxable profit from your business plus any personal income you entered and then by including Social Security and Medicare tax rates. 

That said, I'd recommend adding all of your business income and expenses and categorizing them in QuickBooks. Then, make sure you fill out your tax profile with your income from outside of your business that's taxed at ordinary income rates (such as wages, salary, etc.) on the Tax Estimate page. 

Please see this article to learn more about what federal self-employment taxes are and how QBSE helps you estimate your estimated taxes: Estimate your income tax in QuickBooks Self-Employed.

After your taxes are calculated, make your quarterly federal estimated tax payments. You may want to check out this article for the step-by-step guide: Pay federal estimated quarterly taxes in QuickBooks Self-Employed.

Please let me know if you have other concerns about estimated taxes in QBSE. You can drop a comment below, and I'll gladly help. Take care, @TheAcuDoc.