Thank you for your quick and direct response!
I also had a couple of other questions. I plan on starting a photography business in the near future and plan on submitting estimated quarterly tax payments. According to another post that I read, I am NOT required to pay self employment taxes for both the state of CA and the IRS. Does this mean that I would need to submit payments only for: 1) IRS income tax; 2) CA state income tax, and; 3) IRS self employment tax?
I will potentially also have several sources of self-employment income, including my photography business, usertesting.com as well as 2 sites that do the exact same thing, and voice-over work through Fiverr. If my businesses individually other than my photography business yield less than $400 net income by the end of the tax year, does that excuse me from paying income and self employment taxes from those sources of income? I believe that I still need to report these at the end of the tax year.
Thank you for your time.
