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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
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This is a UK site, so you might be better posting on a US site for accurate information.0
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