College student with 2 jobs (W-2 & Independent Contractor), both started halfway through year 2018. I am COMPLETELY LOST with tax filing/payments. Tax gurus, Please Help!
Hello, I am a college student living in New York, with 2 jobs.
My first job is a W-2 job. I was hired as a teaching assistant at my own college, and my compensation is $1,050/semester. I will be working for them from September 2018 ~ December 2018. I'm not 100% sure but my college told me that I am exempt from FICA tax because I'm a student. For my W-4 form, I did not write to withhold any amount of money (I put down $0).
My second job is, I am an Independent Contractor. I started late May 2018, and I will be working as an Independent Contractor for them until December 2018. My estimated income as an IC for this duration of time in 2018 would be around $4,300 ~ $4,500. (One quick question here, the company is located in Pennsylvania, but I work remotely from here in New York. Which state taxes do I owe?)
Unless my contracts get renewed for both jobs, both will end around the same time, which is in December 2018.
1. Are the two incomes separate when it comes to tax filing/payments? For my tutoring job, is my college going to take care of my income tax (or in other words, do I have to do any sort of filing/paying?)
2. Ultimately, how much tax do I owe in total altogether (federal & state & self-employment tax), with these 2 jobs I have?
3. Also would I have to pay quarterly (I heard that if I owe less than $1,000 in taxes, I do not have to)?
4. What TurboTax system should I use & when should I start?
I would be vastly grateful and would sincerely appreciate it if you could give me some sage advice. I really hope you tax experts could point me to the right direction here. I am completely lost and this is such a huge uncharted territory for me.
Thank you so much in advance!