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Message
Getting 1099’ed Next Year: Paying Quaterlies or Saving the Estimated Taxes in Savings
Posted on 4/6/19 at 6:52 am
Posted on 4/6/19 at 6:52 am
I started working on the side for company that treats me like an independent contractor, they do not withhold anything.
The amount is not a lot, it only comes out to a few hundred per month, so I will go over the magical 600 per year. The 1099 income will come out to about 3,600 for this coming year.
So how much should I start saving so that I don’t get stuck with a large tax bill. And where should I put it . Savings or IRS quarterlies at about 22%.
This past year, I fell in the 22% bracket.
Depending on this year, I may fluctuate back down to the 12% bracket as last year was a much better year income wise.
The amount is not a lot, it only comes out to a few hundred per month, so I will go over the magical 600 per year. The 1099 income will come out to about 3,600 for this coming year.
So how much should I start saving so that I don’t get stuck with a large tax bill. And where should I put it . Savings or IRS quarterlies at about 22%.
This past year, I fell in the 22% bracket.
Depending on this year, I may fluctuate back down to the 12% bracket as last year was a much better year income wise.
This post was edited on 4/6/19 at 6:55 am
4
Posted on 4/6/19 at 7:21 am to Tarps99
About how much of a refund (or balance due) did you have this year?
Posted on 4/6/19 at 8:05 am to Tarps99
Pay quarterly estimates or you may be looking at penalties down the road.
Posted on 4/6/19 at 8:23 am to FinleyStreet
quote:
Pay quarterly estimates or you may be looking at penalties down the road.
Not necessarily. At 22% federal, he's looking at roughly 40% between federal, self employment, and state.
So if you usually get a ~$1,500 refund you should be close to breakeven without paying anything extra.
Posted on 4/6/19 at 8:40 am to Tarps99
So you're also getting a W2? With only $3600 and you have withholdings on a W2, there's no reason to pay quarterly estimates. Put about 10-15% aside in a savings account.
Posted on 4/6/19 at 12:10 pm to Tarps99
Thanks, I ended up only getting about a 100 dollars back on about 55k gross W-2 earning for 2018. I did get screwed over on the itemized changed. In the past, I was getting about 1k a year back by itemizing.
2019 gross could be less depending on the rest of the year.
2019 gross could be less depending on the rest of the year.
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