I work multiple jobs and must fill out W-4 forms for each of them

[mohammad1381]

Can i not pay any taxes on my self employed job and instead just pay some extra taxes on my W2 job and or I will get in trouble by the end of the year if I do that? Thanks

[marctu · Accepted solution]

Thank you for the question.   So Self-Employed income generally requires estimated tax payments, since besides income tax you also have Self-Employment taxes.  If you can adjust your W-4 for the W-2 to account for the additional net earnings plus Self-Employment taxes (The self-employment tax rate — a combination of Social Security and Medicare taxes — is 15.3% for 2024. You'll use Schedule C to calculate net earnings and Schedule SE to calculate how much tax you owe. You can deduct 50% of your self-employment tax on your income taxes.) you should be OK.   It is difficult to account for net-earnings on a yearly basis though.  I would recommend doing it quarterly (3/31, 5/31, 8/31 and 12/31/2024) and then making the estimated tax payments on (4/15, 6/17 and 9/15/24 and 1/15/2025).

Be well and safe @mohammad1381