AnnetteJD
Employee Tax Expert

Self employed

Hi again rwhalen 1!

Your husband's employer pays his Medicare and Social Security, so you would only need to psy the tax on his income. However, he will want to increase his withholding, as you mentioned you are now in a higher tax bracket - this applies to his income, as well. Here is a withholding calculator for you to use to add in your income https://turbotax.intuit.com/tax-tools/calculators/w4/

 

Because you used the self employment tax caster, it is taking into account your self employment tax, in addition to your income tax and the additional tax on your husband's income. 

 

Yes, you will need to pay taxes in Ohio, but I don't believe you need to calculate any additional taxes other than income tax.  Here is a link to the Ohio Dept. of Taxation. https://tax.ohio.gov/individual/resources/annual-tax-rates

You might want to make estimated tax payments to them or just increase your husband's withholding. One of the most common ways couples end up owing taxes, is that they fail to consider the dual income streams. So planning this in advance is very wise!

 

Hope this answers your questions. There is lot of helpful information on www.turbotax.com for self employed folks. You might want to bookmark it and come back during the year as questions come up. Of course, you can always come back here to ask your questions. And when you get ready to file your taxes, we have experts who can help you over the phone, or you might want to have one of them do your taxes for you!

 

Regards,

Annette