re: Tax Question- Working a Side Hustle that 1099s You, No Withholding

Tax CPA here. So far what everyone has said is correct about quarterly payments.

Few other things to consider.

- Depending on the nature of the work you may be able to take deductions against that business income. It is important to take that into account when determining how much to pay quarterly.

- You will have to pay all payroll taxes unlike with your job where your employer pays half. (SE tax is about 15% total in addition to federal income taxes owed)

- You only need to pay in for this year 100% of what you owed last year. So if that is covered by your W-2 withholdings, then you are covered by the IRS safe harbor and theoretically wouldn't need to make estimated payments. You could just pay on April 15 2022.