@eeadaptiveriding wrote:
I understand that. My question was if I needed to pay in quarterly estimated taxes. Not just SE taxes in general. I started trying to fill out the table to see if I needed to, but it’s too complicated for me, and I couldn’t find the turbo tax SE estimated taxes in calculator that they advertised.
If that is your ONLY taxable income, then your SE tax would be about $360 and you would not owe any income tax. You will usually be penalized for not making quarterly payments if you owe more than $1000 at tax time, so you would not have to make quarterly payments.
However, if this is adding on to other income, then you may need to make extra payments, or adjust your withholding at a regular job to have more tax withheld from your paychecks. (Either way as long as the IRS gets their money.). You will generally owe estimated payments unless the total you pay into the system from withholding is at least 90% of this year's tax bill, or 100% of last year's tax bill. If added on to other income, you could owe between $650 and $900 in additional tax (compared to what you would owe without the side job)
On the other hand, if you normally get a refund, and you are adding this side income on to your normal tax return, your refund would just be $650 to $900 smaller than before, and you would not need to make payments unless you wanted a larger refund (getting those payments back).
If you have even $400 of self-employment income you will need to pay self-employment tax for Social Security and Medicare.
https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922
https://turbotax.intuit.com/tax-tools/calculators/self-employed/
I understand that. My question was if I needed to pay in quarterly estimated taxes. Not just SE taxes in general. I started trying to fill out the table to see if I needed to, but it’s too complicated for me, and I couldn’t find the turbo tax SE estimated taxes in calculator that they advertised.
@eeadaptiveriding wrote:
I understand that. My question was if I needed to pay in quarterly estimated taxes. Not just SE taxes in general. I started trying to fill out the table to see if I needed to, but it’s too complicated for me, and I couldn’t find the turbo tax SE estimated taxes in calculator that they advertised.
If that is your ONLY taxable income, then your SE tax would be about $360 and you would not owe any income tax. You will usually be penalized for not making quarterly payments if you owe more than $1000 at tax time, so you would not have to make quarterly payments.
However, if this is adding on to other income, then you may need to make extra payments, or adjust your withholding at a regular job to have more tax withheld from your paychecks. (Either way as long as the IRS gets their money.). You will generally owe estimated payments unless the total you pay into the system from withholding is at least 90% of this year's tax bill, or 100% of last year's tax bill. If added on to other income, you could owe between $650 and $900 in additional tax (compared to what you would owe without the side job)
On the other hand, if you normally get a refund, and you are adding this side income on to your normal tax return, your refund would just be $650 to $900 smaller than before, and you would not need to make payments unless you wanted a larger refund (getting those payments back).