it is not risky. just remember that as an independent contractor to keep good records and recognize that there will be no withholding and on your net IC income you'll owe about another 15% in self-employment taxes.
not paying in or having enough in withholding can result in underpayment penalties.
There will be no federal penalties for not paying in enough taxes during the year if withholding
1) And timely estimated tax payments equal or exceed 90% of your 2021 tax
or
2) And timely estimated tax payments equal or exceed 100% of your 2020 tax (110% if your 2020 adjusted gross income was more than $150K)
or
3) the balance due after subtracting taxes withheld from 90% of your 2021 tax is less than $1,000
or
4) your total taxes are less than $1,000
state laws differ
