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Visitor I

Estimated Tax Payments when you have retirement income & self employed income

I have been retired for three years.  All of my income was from retirement funds.

 

I just accepted a consulting project from my previous employer and set myself up as a sole proprietor LLC.  We signed the contract in late April 2018, I started the project May 1 and they paid me an upfront payment that I deposited on May 8th.   I will then receive three additional progress payments throughout the rest of 2018.  Each remain payment will be for different amounts.

 

I used Turbo Tax to calculate my tax liability for this additional income. (Income Tax, SS & Medicare). 

 

My question is this; how do you distribute the estimated payments for a project like this where I started on May 1 and the four payments will be for different amounts?  Split the tax liability evenly, where the period 2 estimated payment is half the total liability?  Or do I pay in proportion to the amount with will be paid to me in periods 2, 3 & 4?

 

Thank You!