If you are self-employed, this site is a handy utility for helping figure out what your Federal Income taxes will be based on estimates of your deductions and income so far this year. You use this tool throughout the year to keep an eye on the size of your "quarterlies".

The income of self-employed people is frequently variable throughout the year, with busy times and slow times. Taxes will increase as income increases, of course. Knowing what the taxes are as the year progressses helps you make quarterly payments that are neither too high or too low.

How does that work? While income is variable, the various deductions that come into play to help compute the tax (like mortgage interest, etc.) be tend to be pretty predictable for the entire year, and its the various deductions that play a huge part in the story when it comes to what you really have to pay.

Of course, its just a ballpark estimate. However, if your situation is not too unusual and you are not subject to the AMT then it should be in the neighborhood. Please read the disclaimer.

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