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Additional Income
Hello - Thanks for the help.
My spouse is a stay at home parent this year (worked part of the year last year) but is receiving some consulting income (probably a total of $2,000-4,000 expected this year). He had to fill out a W9 but the company is not withholding taxes from the income he receives. I'm a W2 employee with my company. Should I withhold extra Fed to account for this income? We'd prefer not to have to pay quarterly estimates. Is that required? Should I withhold extra for state tax as well? Is there a requirement to pay quarterly estimates on this small amount of income? We also received a bonus of $1,500 from our solar company for a referral. We had to again fill out a W9 but nothing was withheld for taxes. Do we need to account for this in my withholdings or will we be okay? We received a tax refund back last year for approx. $6,000.