Form 1040-ES

[jewlz1]

This year I will have $74,000 from my W-2 job that ended in August. Around $9400 was withheld for taxes. I will have around $3000 from a new self-employment job that started in June. should I do a Form 1040-ES for quarterly taxes in September? 

[Anonymous_]

You can make estimated tax payments or have more withheld from your W-2 job.

[marctu]

So, let’s start with the tax brackets for 2024:

2024 Filing Status: Single, Married Filing Jointly (MFJ), and Qualifying Surviving Spouse (QSS)

Tax Rate	Single Taxable Income Range (2024)	MFJ and QSS Taxable Income Range (2024)
10%	Not over $11,600	Not over $23,200
12%	Over $11,600 but not over $47,150	Over $23,200 but not over $94,300
22%	Over $47,150 but not over $100,525	Over $94,300 but not over $201,050
24%	Over $100,525 but not over $191,950	Over $201,050 but not over $383,900
32%	Over $191,950 but not over $243,725	Over $383,900 but not over $487,450
35%	Over $243,725 but not over $609,350	Over $487,450 but not over $731,200
37%	Over $609,350	Over $731,200

2024 Filing Status: Head of Household (HOH) and Married Filing Separately (MFS)

Tax Rate	HOH Taxable Income Range (2024)	MFS Taxable Income Range (2024)
10%	Not over $16,550	Not over $11,600
12%	Over $16,550 but not over $63,100	Over $11,600 but not over $47,150
22%	Over $63,100 but not over $100,500	Over $47,150 but not over $100,525
24%	Over $100,500 but not over $191,950	Over $100,525 but not over $191,950
32%	Over $191,950 but not over $243,700	Over $191,950 but not over $243,725
35%	Over $243,700 but not over $609,350	Over $243,725 but not over $365,600
37%	Over $609,350	Over $365,600

If your filing status is single the standard deduction would be $14,600 for tax year 2024.   So, your taxable income is approximately $60,000 for the W-2 income only.  This is approximately $8,250 in taxes, which means that with the $9,400 withheld you would be due about a $1,150 refund.

So, I am assuming that earnings equate to net Self-Employment ("SE") income for the third quarter that ends on August 31, 2024.   Net income is earnings less expenses. 

If the net SE income is $3,000 then SE tax is 15.3% of 92.35% of SE income.  So, the SE tax on this is approximately $425. The income tax on this net SE tax is approximately $660.  

You do want to refine all your numbers, but you appear to be in good shape for the third quarter based upon what you wrote.

Thank you so much for your question  @jewlz1 

Be well and safe!

Marc T.

Turbo Tax Expert

27 Years of Experience Helping Clients

[jewlz1]

Thank you!