Originally Posted by BrightBeginnings2014:
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