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jose34
Level 1

W-4 Section 2

I am partially employed and partially self employed ( filling out 1099's). 

Are my self employment jobs considered jobs when it comes to tax purposes  and do I count them on my W-4?

5 Replies
MinhT1
Employee Tax Expert

W-4 Section 2

If you have self-employment income, then you have a source of income which is additional to the job for which you are filling form W-4. Therefore, you should say that you have another job so that your tax withholdings are sufficient.

 

However, please note that your tax withholdings do not cover the tax due on your self-employment income and you should consider paying estimated taxes. 

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jose34
Level 1

W-4 Section 2

Ok so a 2020 w-4 that I am filling out  now, how I am supposed to know how much self employment I will make how should I estimate it? 

MinhT1
Employee Tax Expert

W-4 Section 2

Please follow the instructions for form W-4 that you'll find here to complete your form W-4. Consider your self-employment income as a second job.

 

As for your estimated taxes, you'll have to estimate your self-employment income to determine the amount of estimated taxes that you need to pay. The estimation should be based on income and expenses that you expect for the coming year. You can read this TurboTax article for more information.

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jose34
Level 1

W-4 Section 2

Ok thank you. 

So I am pretty much estimating this years taxes based on last years income?

What if I am worked multiple jobs last year and this year I cutting back on some of them should I still include them in my estimate or only I am only giving a rough estimate on the jobs I plan on working this year? 

AmyC
Employee Tax Expert

W-4 Section 2

Use your best guess for what you think you will make this year. You can change the W4 as often as needed and you can file quarterly estimates when needed. Some people are able to make the W4 at work hold out enough by counting the 15.3% self employment tax plus earnings in with their wages. For most people, it is easier to just fill out the quarterly payment.

 

Because self- employed is a bit of a guessing game, you have to change your numbers when you realize how things are going. I suggest you go through the 1040ES calculations each quarter to make sure you are on track. Pay any estimated tax due quarterly.

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