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#1
09-11-2003, 11:18 PM
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 Re: Side income nikbuds wrote: - quote - > I have been getting some side income (apart from my regular
Only if your existing payments aren't enough.> W-2) job for the last 2-3 months and it has become quite > sizable (about 1/4th of my annual W-2 income) . > do I need to pay a quaterly estimated tax on that...! - quote - > My employer is withholding my taxes just the same as last
You may avoid the PREPAYMENT of taxes. You may not avoid> year .. Can I avoid paying taxes based on "prior year safe > harbor"....or does IRS doesnt like that. the eventual payment of taxes. - quote - > Also, I've already reached a limit on paying the Social
No.> Security tax for the year from my regular paycheck. (which > is upto firt 80K of your salary ) ... do i still need to pay > full social security self employemnt tax ( 15% ) << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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09-10-2003, 06:59 AM
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| Re: Side income "nikbuds" <prodilink[at]yahoo.com> wrote: - quote - > I have been getting some side income (apart from my regular
If you max out on SS tax, then all you need to pay is MCare> W-2) job for the last 2-3 months and it has become quite > sizable (about 1/4th of my annual W-2 income) . > do I need to pay a quaterly estimated tax on that...! > My employer is withholding my taxes just the same as last > year .. Can I avoid paying taxes based on "prior year safe > harbor"....or does IRS doesnt like that. > Also, I've already reached a limit on paying the Social > Security tax for the year from my regular paycheck. (which > is upto firt 80K of your salary ) ... do i still need to pay > full social security self employemnt tax ( 15% ) tax 1.45% (double this for SE tax to 2.9%). Generally the safe harbor is met if you pay as much tax as last year's tax. At higher incomes it has to be 110% or 115% of the prior year's tax (unless this has changed in the last few years). << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
09-09-2003, 05:53 AM
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| Side income I have been getting some side income (apart from my regular W-2) job for the last 2-3 months and it has become quite sizable (about 1/4th of my annual W-2 income) . do I need to pay a quaterly estimated tax on that...! My employer is withholding my taxes just the same as last year .. Can I avoid paying taxes based on "prior year safe harbor"....or does IRS doesnt like that. Also, I've already reached a limit on paying the Social Security tax for the year from my regular paycheck. (which is upto firt 80K of your salary ) ... do i still need to pay full social security self employemnt tax ( 15% ) thanks in advance, nik << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| income, side |
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