topic How do I figure my taxes for my side gig? in Deductions & credits

How do I figure my taxes for my side gig?

justiceseeker2001 — Tue, 24 Feb 2026 07:04:55 GMT

Re: How do I figure my taxes for my side gig?

Bsch4477 — Wed, 30 Aug 2023 16:02:02 GMT

You pay 15.3%. Self employment tax in addition to income tax at your marginal tax rate.

Here is more information.

https://www.irs.gov/businesses/small-businesses-self-employed/self-employment-tax-social-security-and-medicare-taxes#:~:text=Self%2Demployment%20tax%20is%20a,taxes%20of%20most%20wage%20earners.

Re: How do I figure my taxes for my side gig?

NCperson — Wed, 30 Aug 2023 16:05:13 GMT

you can use this website to estimate your total 2023 situation.

https://thefinancebuff.com/medicare-irmaa-income-brackets.html

Re: How do I figure my taxes for my side gig?

justiceseeker2001 — Wed, 30 Aug 2023 16:07:16 GMT

Am I required to pay quarterly taxes? I didn't know I was required to so I haven't done so.

Re: How do I figure my taxes for my side gig?

NCperson — Wed, 30 Aug 2023 19:51:58 GMT

@justiceseeker2001 while it is 'not required', there can be interest penalties if you owe more than $1000 on April 15.

Re: How do I figure my taxes for my side gig?

Critter-3 — Thu, 31 Aug 2023 17:15:07 GMT

The following is the general “safe harbor” rule:

You must pay estimated tax for 2023 if both of the following apply.

You expect to owe at least $1,000 in tax for 2023 after subtracting your withholding and tax credits.
You expect your withholding and tax credits to be less than the smaller of:
1. 90% of the tax to be shown on your 2023 tax return, or
2. 100% of the tax shown on your 2022 tax return. Your 2022 tax return must cover all 12 months.

Note: If your AGI for 2022 was more than $150,000 ($75,000 if your filing status for 2023 is married filing a separate return), substitute 110% for 100% in (2b)

What are estimated taxes?

https://ttlc.intuit.com/replies/3301588