Do Insurance Agents Need to Pay Quarterly Taxes?

If you're an independent insurance agent and expect to owe more than $1,000 in taxes for the year, the IRS generally requires you to pay estimated taxes quarterly, rather than settling up in one lump sum when you file. As a captive or independent agent paid on commission, no one withholds taxes from your income the way an employer would for a W-2 employee. That shifts the responsibility to you to pay both income tax and self-employment tax throughout the year, based on estimated payment...