conniem123
Employee Tax Expert

Get your taxes done using TurboTax

Hi Lauraw0715!  It can be tricky finding the right amount of withholding so you don't owe tax when you file your tax return!  Even more so with your situation of multiple sources of income.  There is a great tool, the W-4 Calculator , that takes you step-by-step through the worksheet,

https://turbotax.intuit.com/tax-tools/calculators/w4/

 

To ensure accuracy, use your combined income to figure out the appropriate withholding.  Since you also have self employed income with no taxes withheld, you could adjust the W-4 withholdings at your main job to account for the increase in income.

 

Many newly self-employed people are surprised at their tax bills at the end of the year because they notice they're suddenly paying a lot more in tax as a self-employed person than as an employee. That's because they're carrying the full burden of paying for their Social Security and Medicare.  Here's a great article on the self-employed tax if you are new to being an independent contractor and receiving a Form 1099-NEC , rather than a Form W-2 at the end of the year.

 

https://turbotax.intuit.com/tax-tips/self-employment-taxes/the-self-employment-tax/L8xXjolB4

 

I hope you find this helpful!

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