In 2020 I want to start paying estimated quarterly taxes but I am not sure exactly how to calculate the amounts.
If I make X$ yearly income from my full time job have maximum withholding. I also expect to make additional $Y a year from my side gig as an IT consultant where I do not have much deductions.
Is it enough to pay (35% of Y$/4) of my additional income or do I have to sum up the entire income and then figure out quarterly payment? do I have to do the same thing for federal quarterly tax payment and State tax payments? Do you think this situation is complicated to need an accountant?