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Level 1
posted Sep 28, 2022 9:28:35 AM

Contracting With Gig Work

 

Hello, 

 

If okay, I have a few questions about contracting with gigs:

 

  1. I am new at contracting and almost at the $400 mark where I plan to make above that in the near future with more contracting; do I start estimating after I make $400 or do I include anything before that, too?
  2. How do I estimate the quarterly tax if the contractor job(s) I have fluctuates in the amount of available work- sometimes there might not be much or anything?
  3. Does the NYS tax work the same way as the federal for quarterly estimates?
  4. I was trying to find a good estimate calculator for 2022 and couldn't yet find it on Turbo Tax-only saw what I could save, but I would like to calculate the estimates; where can I find an estimation calculator for 2022?

 

Thanks!

 

0 2 189
2 Replies
Employee Tax & Finance Expert
Sep 28, 2022 10:40:07 AM

Please visit the following websites for more information.

 

https://www.irs.gov/newsroom/what-taxpayers-need-to-know-about-making-2022-estimated-tax-payments#:~:text=Aside%20from%20income%20tax%2C%20taxpayers,%2C%20and%20January%2017%2C%202023

 

https://www.irs.gov/pub/irs-pdf/f1040es.pdf

 

You will be required to make estimated tax payments to New York State if you expect to owe at least $300 of either New York State or NYC tax.

Level 1
Sep 28, 2022 11:01:57 AM

 

Thank you for your time, Vincent. 🙂