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Get your taxes done using TurboTax
Since there are no withholdings on 1099 income, you will need to adjust the W-4 with your employer to account for the extra income which can be done in section 2. If the 1099 consulting work is your only income I would recommend making quarterly payments based on your income to both fed and state. You can do this going to the state website and make a tax payment (where/what to click depends on the state).
Federal - https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes
You can also use the Turbo Tax W-4 tool to estimate your tax liability and determine what tax bracket you are in.
This will help you determine how much you should pay in estimated payments each quarter.
May 29, 2024
2:52 PM