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 TY 510D PTE ESTIMATED INCOME TAX FORM 2020

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Are you self-employed or working as an independent contractor? Do you have a side job? Do you drive for Uber or Lyft, walk dogs or clean houses? Do you perform other tasks for a business that gives you a Form 1099? Do you receive rental income from renting a room apartment or home? If you answered yes to any of these questions, you may need to make estimated tax payments to the Internal Revenue Service to avoid penalties and a surprise tax bill. Our tax system runs on a pay-as-you-go basis throughout the year If you are an employee, taxes are withheld from each paycheck. If you are self-employed, an independent contractor or a worker in the sharing economy, you may have to make estimated tax payments. Estimated payments cover income tax and self-employment tax for the Social Security and Medicare systems. If you are in business for yourself or working as an independent contractor you will owe self-employment tax even if you do not make enough to owe income tax. If you expect to owe inc

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