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I'm a full-time employee and my wife is self-employed

If I am full-time employed (W-2), and my wife is self-employed, and filing jointly, does my wife need to pay quarterly withholdings, even if I withhold enough on my paycheck using W-4 to cover roughly 100% of household tax liability? What about state income tax, and Self-employed tax for my wife's income; can all be included in W-4?

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4 Replies

I'm a full-time employee and my wife is self-employed

your approach works!

I'm a full-time employee and my wife is self-employed

Thanks for your reply! Do I need to add her Self-employed tax (Social Security Tax and Medicare) withholding to my W-4 too?
I mean is Self-Employed tax part of federal tax withholding?

I'm a full-time employee and my wife is self-employed

I mean is Self-Employed tax part of federal tax withholding?

federal withholding on your wages, assuming you file jointly, can be applied to her income tax liability and her self-employment taxes.

your other option is to pay quarterly estimated tax payments to cover her share of the income taxes and her self-employment taxes.

you would be a little late on estimated taxes 1/4  was due 4/18/22 and 6/15/22 with 1/4 due 9/15/22 and 1/16/23

dmertz
Level 15

I'm a full-time employee and my wife is self-employed

The self-employment tax on your wife's self-employment profit is part of the overall tax liability determined on your joint tax return to which your tax withholding is applied.

 

Increasing tax withholding for the remainder of the year is a far better approach than making late estimated tax payments.  Since, by default, tax withholding is treated as having been paid uniformly throughout the year, increasing tax withholding for the remainder of the year will reduce or eliminate the underpayment of taxes earlier in the year whereas making late estimated tax payments will not.  Just be sure to adjust your tax withholding again later if need be, particularly at the beginning of next year.

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