Absolutely yes!! If your self-employed net income is not significant, I often advise clients to adjust their Form W-4 The key is that you correctly determine what net self-employment ("SE") income is when filling out a new W-4. Net SE income is gross income less expenses. Once this is done SE tax is 15.3% of 92.35% of SE income.
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. If married it is $29, 200.
So with all this please account for it on a new W-4.
Thank you for the question @mohammad1381
Be well and safe!
Marc T.
Turbo Tax Expert
27 Years of Experience Helping Clients