Tax Year 2016: Full-time salaried position, 2nd job independent contractor in July 2016. Have not pre-paid any taxes, believe I missed the September quarter. Where do I go from here?

yam_snapper — Thu, 04 May 2023 21:56:59 GMT

I have a full-time salaried position, and recently started a second job as an independent contractor in July 2016. I haven't pre-paid any taxes based on my independent contractor work yet, and believe I missed the September quarter to make the first payment. I'd like to avoid penalties if possible. Where do I go from here?

If you feel you will owe any estimated tax payments, it's...

KarenL2 — Sat, 01 Jun 2019 01:31:51 GMT

If you feel you will owe any estimated tax payments, it's better to pay them sooner rather than later. Remember that the estimated taxes on your independent contractor work is based on the "net" income that is your total income minus your expenses so it might not be as much as you anticipate. Also, if you had enough taxes withheld from your salaried position to compensate for the net profit from your contract work, you might be okay.

The self-employment tax rate of 15.3% plus your ordinary income tax rate (which depends on you taxable income and filing status). The following article has easy to read tables for this amount http://taxfoundation.org/article/2017-tax-brackets

topic Tax Year 2016: Full-time salaried position, 2nd job independent contractor in July 2016. Have not pre-paid any taxes, believe I missed the September quarter. Where do I go from here? in Get your taxes done using TurboTax

Tax Year 2016: Full-time salaried position, 2nd job independent contractor in July 2016. Have not pre-paid any taxes, believe I missed the September quarter. Where do I go from here?

If you feel you will owe any estimated tax payments, it's...