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pcraw
Returning Member

I have a full-time job. This year I'm starting a second job on nights/weekends as an independent contractor. When will I pay taxes on this money? Where can I learn more?

 
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DDollar
Level 4

I have a full-time job. This year I'm starting a second job on nights/weekends as an independent contractor. When will I pay taxes on this money? Where can I learn more?

You will need to make quarterly estimated tax payments on the income you earn as an independent contractor.  You will report your income and expenses on Schedule C.  In addition to income tax, your self-employment income will be subject to self-employment tax.  You can also increase your withholding from your paycheck.  When you file your taxes, it will be a question of how much you paid, not whether it was W-2 withholding or estimated payments.

For more information, the IRS page Self-Employed Individuals Tax Center is a great place to start.

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DDollar
Level 4

I have a full-time job. This year I'm starting a second job on nights/weekends as an independent contractor. When will I pay taxes on this money? Where can I learn more?

You will need to make quarterly estimated tax payments on the income you earn as an independent contractor.  You will report your income and expenses on Schedule C.  In addition to income tax, your self-employment income will be subject to self-employment tax.  You can also increase your withholding from your paycheck.  When you file your taxes, it will be a question of how much you paid, not whether it was W-2 withholding or estimated payments.

For more information, the IRS page Self-Employed Individuals Tax Center is a great place to start.

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