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I want to be sure that I understand your issue.
- You are currently a full-time government employee.
- You should have gotten a W-2 for that work.
- However, you worked the first part of the year as a contractor.
- You should have gotten a 1099-NEC or a 1099-MISC.
As a contractor there were no taxes taken out. As a result, you owe income tax as well as self-employment tax.
The self-employment tax rate is 15.3%. That rate is the sum of 12.4% for Social Security and 2.9% for Medicare.
You used the word "installments". Is this to pay off taxes from 2022 or are these estimated tax payments on vouchers for 2023. Tax Form 1040-ES.
- If they are estimated tax payments, and if you're still working the full-time job.
- You'll be getting a W-2 and not a 1099 for contract work.
- You do not have to make the estimated payments. The taxes will be taken out of your paycheck.
