turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Ask the Experts Last Minute Biz Tax Moves! >> Event happening NOW!!!!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I work multiple jobs and must fill out W-4 forms for each of them

Can i not pay any taxes on my self employed job and instead just pay some extra taxes on my W2 job and or I will get in trouble by the end of the year if I do that? Thanks

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
marctu
Employee Tax Expert

I work multiple jobs and must fill out W-4 forms for each of them

Thank you for the question.   So Self-Employed income generally requires estimated tax payments, since besides income tax you also have Self-Employment taxes.  If you can adjust your W-4 for the W-2 to account for the additional net earnings plus Self-Employment taxes (The self-employment tax rate — a combination of Social Security and Medicare taxes — is 15.3% for 2024. You'll use Schedule C to calculate net earnings and Schedule SE to calculate how much tax you owe. You can deduct 50% of your self-employment tax on your income taxes.) you should be OK.   It is difficult to account for net-earnings on a yearly basis though.  I would recommend doing it quarterly (3/31, 5/31, 8/31 and 12/31/2024) and then making the estimated tax payments on (4/15, 6/17 and 9/15/24 and 1/15/2025).

 

Be well and safe @mohammad1381 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
marctu
Employee Tax Expert

I work multiple jobs and must fill out W-4 forms for each of them

Thank you for the question.   So Self-Employed income generally requires estimated tax payments, since besides income tax you also have Self-Employment taxes.  If you can adjust your W-4 for the W-2 to account for the additional net earnings plus Self-Employment taxes (The self-employment tax rate — a combination of Social Security and Medicare taxes — is 15.3% for 2024. You'll use Schedule C to calculate net earnings and Schedule SE to calculate how much tax you owe. You can deduct 50% of your self-employment tax on your income taxes.) you should be OK.   It is difficult to account for net-earnings on a yearly basis though.  I would recommend doing it quarterly (3/31, 5/31, 8/31 and 12/31/2024) and then making the estimated tax payments on (4/15, 6/17 and 9/15/24 and 1/15/2025).

 

Be well and safe @mohammad1381 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies