I have two forms of self-employment income for this year, one is doordash with mileage write offs, and the other is multimedia oriented without any possible deductions. Do I pay quarterly tax when the total for both of these incomes exceeds $1000 in owed taxes or is it just when one income exceeds $1000 in owed taxes or is it just when one income exceeds $1000 in owed taxes after deductions. For example, one of my jobs is multimedia related and I expect to owe around $160 on this income in taxes and my other one is a door dash driver and I expect to owe around $900 in taxes after deductions. Do I need to pay quarterly tax on my income for this year because they both exceed $1000 or is it just one form of self employment? Is it just when all of my self employment income tax added together exceeds $1000?
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It's based on the total of all your income, even other income like W2 and interest/dividends & investments. By the way, you will pay the SE self employment tax on the combined Net Profit for both businesses. So if you have a net loss on one it will reduce the tax.
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