I was just advised that the small part time job is moving all people doing my job to Independent Contractors. I understand this means I will have to pay a higher tax rate on the small amount of pay I get there. =====>>>>>>>>not really;it doesn’t heavily affect your tax rate as the amount is small. Your tax bracket is the rate you pay on the "last dollar" you earn; but as a percentage of your income, your tax rate is generally less than that.i mean your income from your ic work is also part of your tax bracket; tax brackets are the divisions at which tax rates change in a progressive tax system or an explicitly regressive tax system, although this is much rarer. Essentially, they are the cutoff values for taxable income-------- income past a certain point will be taxed at a higher rate.as the amount is minimal ou do no need to pay quarterly estimated taxes but you still need to pay soc sec taxes on your ic income.
Will this increase only apply to the income from the small second job? Or will it bleed over to my main full time employment? =======>>>>>>>>as mentioned above; it becomes a part of your gross/ taxable income on 1040.
Also, do I really have to pay quarterly taxes on the $250-$300 a month? ==========>.No If you are filing as a sole proprietor( I mean if you do not pay fica, soc sec, taxes) and/or a self-employed individual, you generally have to make estimated tax payments if you expect to owe tax of $1k or more when you file your return.in your case, unless your w2 income exceeds $113700 for 2014 , you do need to pay fica tax on your in income also.