A self-employed person must estimate/average the total amount of money he/she will earn at the end of this year and the total amount in tax he/she will be required to pay. From this estimate he/she must pay one-quarter of the estimated taxes by the following dates:
- April 1
- July 1
- October 1
- December 31
After paying the tax in the advanced quarters stated above, the self-employed person must submit an Income Tax Return by the April 30 of the next year, declaring that the tax has been paid as estimated. Any amount remaining/outstanding should be paid at the time of submitting the Return.
- Tax is due on income exceeding of $780,000 annually, or $65,000 per month.
- If you are earning an income below the annual threshold of $780,000, you are still required to file an Income Tax Return, along with your Income and Expenditure Statement.
For assistance with your Income Tax calculations, use our Income Tax Calculator