Hello,
I receive W-2 income from my employer and my husband is self-employed receiving a 1099-NEC from his independent contractor job. On my W-2 payroll, the tax withholding filing status is "Married Filing Jointly," and the state withholding has 1 allowance. In this scenario, I have 2 questions:
1. Is my husband required to make estimated quarterly tax payments? Or can we just account for that when we file our taxes? FYI - he currently is not making estimated quarterly payments. Last year was his first year as a self-employed individual and our first year filing jointly, so we are fairly new to this.
2. If he's required to make quarterly payments, are they based on his self-employment income only since I'm already withholding from my W-2 paycheck? And how are the payments calculated?
Thank you!!!
