Hi
Am starting a freelancer journey, and despite the IRS.gov and NY Dept. of Finance websites the process is very much a blur.
Married filing jointly in New York City. Spouse on W-2 and primary taxpayer when filing, making a few times times more than me. Me: for this year, W-2 for the first few months of the year and some freelance income (from work that would be done in the last two months of 2023). Next year I'll be full freelance. Given the nature of the freelance work, deductions are negligible.
1. Trying to figure out how to pay the estimated taxes (city, state, federal and FICA) for the freelance work that will fall in the last two months of the year. I did not know I'll end up on the freelance route so late in the year. I know I have to pay by January 15, but will penalties be associated? Should the w-2 spouse increase their withholding at work considering the estimate I'll be making for these last two months? I'm also confused if this withholding from my spouse's paycheck would also cover my FICA taxes or if I should calculate and pay that 15.3% amount directly through my personal EFTPS account. And of course, I'm trying to figure out how to best pay estimated taxes on freelance work next year. I have created my EFTPS account and the account with the NY Dept. of Taxation and Finance. Anything to keep in mind vis-a-vis these systems with this scenario of spouse on w-2 and me freelancing?
Thank you!
