I do not expect to owe anywhere near $1,000 in self employment taxes this year. I also have a part-time job in retail. Should I file/make quarterly tax payments?

i4n3 · ‎June 1, 2019

I have a part time job in retail and receive a W2 each year. At this job, I earn about $500-$1,000 per month before taxes.

I am also an independent contractor for an internet-based service that is not required to send tax forms because they pay contractors via PayPal. I made less than $150 last quarter.

Am I required to make a quarterly payment for my self employment income? If so, do I also include the income information from my part time retail job, or just keep that separate and wait until the end of the year when I file my 1040 to include the part time job?

Vanessa · ‎June 1, 2019

If you are only going to earn $600 (150 per quarter) then you would not need to make quarterly payments as your Self-Employment tax on that would be less than $95. If you start making more than yes, you would include the income from your Part-Time job when calculating the taxes you may owe for the year. You would then deduct the amount your employer withheld for the quarter when figuring out how much you would need to pay.

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i4n3 · ‎June 1, 2019

Thank you Vanessa! This fully answers my question, and I really appreciate your help with a (probably) extremely basic issue.

I do not expect to owe anywhere near $1,000 in self employment taxes this year. I also have a part-time job in retail. Should I file/make quarterly tax payments?

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