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Business & farm
I see. So for example, I learned that to calculate quarterly taxes you do income tax + self-employment taxes. So let's say I have ~10k for my AGI this quarter, and so my income tax would be ~12% of that for 2024. Then self-employment taxes are AGI*92.35%, then that number multiplied by 15.35%.
In this case, income tax is about $1200 and self-employment tax is $141.
As someone not self-employed (was told graduate students are given fellowships/scholarships which are not the same as self-employment), would I be filing $1200 or $1341?
See: https://pfforphds.com/weird-tax-situations-fellowship-recipients/
‎August 28, 2024
12:35 PM