You may be required to pay estimated taxes on a quarterly basis if you are self-employed or have income in addition to your compensation from work. It can be surprising for individuals to receive a charge from the IRS because they are unaware of this obligation.

American citizens submit their tax returns to the IRS every year. The majority of people pay taxes all year round in the form of payroll taxes that are deducted from their wages. The structure of the business, the kind of employment, and the salary are only a few of the many variables that influence tax liability. So, the question arises of how much you owe taxes and how to calculate tax liability. 

Revenue and profit are two important financial metrics used to measure the performance of a business. While both metrics are related to a company’s income, they represent different aspects of a company’s financial health. Revenue vs. profit is a popular term in the finance industry.