W-2 and 1099 I'm a single Ohio resident with no dependents. I use the standard deduction and the $2500 student loan interest deduction. My gross w-2 income is $53,000 from my day job. I also take a $6500 annual distribution from my IRA. I'm planning to do extra subcontractor work with a 1099 potential income up to $20,000 per year. My questions are:
1) Do I have to pay taxes for the 1099 income quarterly or can I pay them annually with everything else? I prefer to pay them annually.
2) If I do have to pay them quarterly, I'm having a hard time figuring out how much do I need to pay? I tried using online calculators but wasn’t not able to figure out my tax bracket and get an accurate answer
3) Also if I have do pay them quarterly, is it possible to withhold enough money from the 1099 to cover this without paying quarterly? Alternatively, if not possible, is it possible to withhold extra from my w-2 to cover both jobs?
Thanks so much for your assistance. I really appreciate your advice!!
Mike |