We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Self Employed and full time
jamaleas
Posts: 1 Newbie
in Cutting tax
Hello,
I have been working as a full time since June and I just started (August) working as a contractor tutoring high school students in my free time in Savannah, Georgia. I have been doing a lot of research on whether I should be paying quarterly estimates or not.
By the end of the year, I will be making about 40,000 $ from my full time job. In addition, I will be making about 2,000 $ but I will be sending all of it to my family to support them so basically I am not making any profit from the contractor job. Since I am not making a lot of money out of the self employment job, I will have to pay about 250$ in taxes for the self employment.
My question is, do I need to make quarterly payments knowing that the taxes from contracting is less than 1000$? Does that 1000$ limit count only for the taxes of the contracting job or both jobs?
Thanks for your advice in advance
I have been working as a full time since June and I just started (August) working as a contractor tutoring high school students in my free time in Savannah, Georgia. I have been doing a lot of research on whether I should be paying quarterly estimates or not.
By the end of the year, I will be making about 40,000 $ from my full time job. In addition, I will be making about 2,000 $ but I will be sending all of it to my family to support them so basically I am not making any profit from the contractor job. Since I am not making a lot of money out of the self employment job, I will have to pay about 250$ in taxes for the self employment.
My question is, do I need to make quarterly payments knowing that the taxes from contracting is less than 1000$? Does that 1000$ limit count only for the taxes of the contracting job or both jobs?
Thanks for your advice in advance
0
Comments
-
This is a UK site, so you might be better posting on a US site for accurate information.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.6K Work, Benefits & Business
- 603K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards