What estimated taxes and how many one engaged in shoes repair business must to pay? California

Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards. If you are filing as a sole proprietor, partner, S corporation shareholder and/or a self-employed individual, you should use Form 1040-ES to figure and pay your estimated tax. For additional information on filing for a sole proprietor, partners, and/or S corporation shareholder, refer to Publication 505, Tax Withholding and Estimated Tax.If you are filing as a corporation you should use Form 1120-W, Estimated Tax for Corporations , to figure the estimated tax. You must deposit the payments. For additional information on filing for a corporation, refer to Publication 542, Corporations. If you are filing as a sole proprietor, partner, S corporation shareholder, and/or a self-employed individual, you generally have to make estimated tax payments if you expect to owe tax of $1,000 or more when you file your return.If you are filing as a corporation you generally have to make estimated tax payments for your corporation if you expect it to owe tax of $500 or more when you file its return.HOWEVER, You do not have to pay estimated tax for the current year if you had no tax liability for the prior year;y ou were a U.S. citizen or resident for the whole year;y our prior tax year covered a 12 month period
California follows the IRS standards for estimated payments. If you will owe $500 or more in tax for the current year, you are required to make 90% of the tax due, over quarterly payments on Form 540ES.. It has to be at least 100% of the previous year, even if you think you won't make as much in the current year.