I have a w-2 paying job which grossed $30,445 this year. I did independent contract work which grossed $16,580 this year, married filing jointly with 4 child dependents. I paid SS and Medicare (only for myself with Medicare, my children are covered through the state).
I have a few questions.
1) Would i be subject to the 15% SE tax even though i pay taxes on my w-2? I claim my children on my w-2 employment. Im not sure my withholding from my w-2 is high enough to cover the 1099 taxes.
2) For the 1099-NEC can i opt out of paying quarterly taxes and pay at the end of the year or does that subject me to penalties? (this is my first year filing a 1099-NEC combined with my w-2) Even if i have both incomes?
3) In order to have a lower potential 1099-NEC liability Tax how high should my w-2 be for a family of 6?
4) If i itemize with the 1099-NEC Schedule C does that potentially lower the amount of what i would owe on the 1099 wages?
5) If i have to pay quarterly taxes how do i know if i would be owing $1000 or more? Does that depend on the earned income amount?
