I've full-time job and side gig-Do i just pay quarterly taxes on side gig? Must they be equal / can it just be 40% of what i made? What if i make less in later quarter?

[jon-p]

The full time job does its own withholding. The side gig stuff used to be so low that it could be absorbed in Full time withholding.  Now its so variable, and up, that i would like to just pay the 35-40% on what i get as i go each quarter. But that means my payments won't be equal. Will the IRS care as long as i owe less than $1,000 come tax time (when i add up my regular witholding and unequal quarterly payments throughout the year)? Or will they punish me for not making "equal" payments?

I really don't want to just increase withholding in my regular job.

[BobinCT]

The quarterly payments do not have to be equal.  If you pay more for the quarters when your side gig makes a lot and less when it doesn't that will work if it works out to be close overall.  But: one caution: if the bulk of the quarterly payments is in the last half of the year the IRS may think you should owe some underpayment because they don't know the timing of your side gig income.  You can fill out the Schedule AI from Form 2210 to show the timing of income and correct the calculation of the penalty.  But it's sort of tricky.