Self-employed individuals interested in creating tables to calculate taxes can use Internal Revenue Service Form 1040-ES, a tax worksheet and guide. As of 2015, self-employed individuals are required to pay estimated taxes in quarterly installments throughout the year if they meet IRS income and withholding requirements, says the IRS.Continue Reading
An individual who is self-employed must pay estimated taxes throughout the year if one of two things are true: one, he expects to owe at least $1,000 in tax for 2015, or two, any withholding or tax credits are either less than 90 percent of his 2015 taxes or equal to his 2014 taxes. Self-employed individuals with no withholding or tax credits who expect to owe at least $1,000 in tax for 2015 must pay estimated taxes, according to the IRS.
To calculate estimated taxes for 2015, self-employed persons can download Form 1040-ES from IRS.gov. The form includes an overview of tax requirements, a worksheet with instructions and payment vouchers to mail in with quarterly estimated tax payments. By completing the worksheet, the self-employed individual creates a tax table that calculates the estimated amount of tax owed for 2015, states the IRS.
To complete the Form 1040-ES worksheet, taxpayers should have the following information ready: expected income from self-employment, any Social Security retirement or disability income and any wages earned from an employer that are subject to Social Security withholding, according to the IRS. The form provides step-by-step instructions for entering, subtracting and multiplying the figures entered to calculate the amount of estimated taxes owed.Learn more about Income Tax