Hello cahil938!
Let me give you guidance directly from the IRS. This is the best site to help you in understanding your situation with a proposed supplemental income.
If you work as an independent contractor, you should pay 'quarterly taxes' on that income.' Here is the schedule of how to determine when the payment is due and on what amount of money.
https://www.irs.gov/pub/irs-pdf/f1040es.pdf (page 3 tells you the dates).
This site tells you where to go to make payments...EFTPS. Link is https://www.irs.gov/payments/eftps-the-electronic-federal-tax-payment-system
This is the IRS site for self employed. https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center
The W-2 income already withholds taxes for that income. So, this is different from the self employed income which will be a 1099-MISC or 1099-NEC.
Using our TaxCaster tool https://turbotax.intuit.com/tax-tools/ will help you determine what your tax liability should be for the tax year. Try to be as accurate as possible to get the most accurate answers. In general, the more you earn, the more taxes you pay. A good estimate will only minimize the amount you owe, if any. But since you have no idea how much you will make in 1099-income, it might be hard to calculate your tax liability.
I hope you find the above information helpful.
Thank you for using Turbo Tax!!
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