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Level 1
posted Sep 19, 2023 1:22:14 PM

Unexpected Mid-Year Income

I have a full time job, but I unexpectedly made about $8000 freelancing mid year. It seems I should make estimated tax payments, but I don't see a good way to figure out how much to send to federal and state collections, make the payments, and document them. I'm in California.

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1 Replies
New Member
Sep 19, 2023 1:59:48 PM

If you have last year's tax return, look at how much you paid the IRS and FTB as a percentage of your adjusted gross income, and apply those percentages to the $8000.  That should get you close.  A more sophisticated approach would be to look up your marginal tax rate based on your higher AGI for this year and apply those percentages to the $8000.  You can get the tax rates by Googling that topic.