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noahj8924
New Member

Paying taxes as 1099 employee

I worked as a 1099 employee from Jan to late March this year and set aside 30% of each paycheck - amounting to $550. I also work a full-time job that I'll get a w2 for next tax season.

 

Do I need to pay Q1 taxes for the 1099 if I owe less than $1,000 for that job? I'm not sure if my w2 income counts as putting me over that limit.

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1 Reply
LeticiaF1
Expert Alumni

Paying taxes as 1099 employee

Taxes are pay-as-you-go, you should make an estimated tax for your income that you received the first quarter.  When you file your return, both your 1099 income and your W2 income will combine and you will pay taxes on both of them combined.  You will need to pay the tax due on all of your income combined, even if you owe less than $1,000.  

 

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