How do I figure my taxes for my side gig?

[Bsch4477 · Accepted solution]

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-an....

[NCperson]

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

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

[justiceseeker2001]

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

[NCperson]

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

[Critter-3 · Accepted solution]

The following is the general “safe harbor” rule:

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

1. You expect to owe at least $1,000 in tax for 2023 after subtracting your withholding and tax credits.
2. 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