How Much Do You Pay Into Taxes??

[TomCopeland]

estimated taxes

My husband goes to school full time so this is our only income.
20% of total income before deductions correct?
Is the penalty for not paying quarterly 3%? I read that somewhere, can't remember where though.

Yes, 20% of your income before deductions. This is a rough estimate to cover Social Security/Medicare and federal income taxes. The penalty is a little less than 3%: https://www.irs.gov/pub/irs-pdf/f2210.pdf

[BrightBeginnings2014]

Oh no, how much would you suggest quarterly?

[TomCopeland]

estimated taxes

Oh no, how much would you suggest quarterly?

If you did child care in 2016, use your taxes from that year as a guide going forward. Once you do your 2017 taxes, use that as a guide going forward.