dave0292338
Returning Member

Self employed

 you expect your contract income to be $10,000, and your W2 income will be $40,000, you could make a conservative tax estimate (that is, likely to get a refund) by - 10,000 * 15.6% = $1,560 self employment tax
- estimated tax bracket for 50,000 total income: 22% * 10,000 = $2,200 income tax on contract work In this scenario, you would aim to pay $1,560 + $2,200 =  $3,760 in either quarterly tax payments or extra withholdings through your employer during the year.  If you make quarterly payments, and you have large swings in your income each quarter, aim to estimate the tax due each quarter and make the appropriate payment.

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