Several factors may contribute to discrepancies in your quarterly taxes as reported in QuickBooks Self-Employed (QBSE), Moniliberman. I'll share some insights and steps you can take to improve the accuracy of your estimates.
In QBSE, your estimated federal income and self-employment taxes are computed by applying income tax rates to your overall taxable business earnings plus any personal income added, along with Social Security and Medicare tax rates.
With that, I suggest adding all your business income and expenses and then categorizing them in QuickBooks. Then, complete your tax profile by entering any non-business income taxed at ordinary income rates, like wages or salaries, on the Tax Estimate page.
Kindly review this article For detailed information about federal self-employment taxes and QBSE's role in estimating your taxes: Automatically estimate your income tax in QuickBooks Self-Employed.
Once your taxes have been computed, you can make your quarterly federal estimated tax payments. This article offers a clear, step-by-step guide on how to do it: Pay federal estimated quarterly taxes in QuickBooks Self-Employed.
Circle back to this thread if you need further clarification or queries about estimated taxes in QBSE. Just mention my name in your comment below, and I'll receive a notification. I'm here to help whenever you need it.
