GabriellaEA
Employee Tax Expert

Self employed

Hi @Muk6202! Congratulations on your new business! If you do plan to file jointly and your spouse has regular income tax withholding, you may not need to make separate quarterly tax payments, if his withholding is enough to cover your joint liability for the year, including your self-employment income. Keep in mind, though, that the income you earn from independent contracting work is subject to self-employment tax in addition to regular income tax. This means your tax liability may increase more than you expect based on your net self-employment earnings. Also, be sure to keep good records of your expenses, as these can be used to lower your business income and therefore your income tax and self-employment tax liability. If you'd like to check to see if his withholding is on track to cover you or if you should consider boosting it or making quarterly payments, the IRS withholding estimator is an awesome tool to use!

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