So I recently got a consulting job. I know I need to pay estimated taxes in Sept and Dec, but have a couple questions (and yes, I do plan on seeing a tax professional, but I am trying to work out how this income is going to affect us, so I was hoping someone might know now).
If I end up working the number of hours I think I will, I will probably end up with a little under $10K for the year. BUT, we have holidays and such coming up, so it will probably be even less. My understanding is I only need to pay est tax on the amount *I'm* making (DH is a regular employee, so he already has his deductions taken out), but do I figure it at the rate of what I'm making, or at the rate for what our combined income would be (total for both should be between 70 & 75 K, if that matters)? I am not sure if we will be filing jointly or separately (any suggestions on that? Again, I will obviously ask the professional, but wouldn't mind hearing your thoughts on the matter).
Thanks!
If I end up working the number of hours I think I will, I will probably end up with a little under $10K for the year. BUT, we have holidays and such coming up, so it will probably be even less. My understanding is I only need to pay est tax on the amount *I'm* making (DH is a regular employee, so he already has his deductions taken out), but do I figure it at the rate of what I'm making, or at the rate for what our combined income would be (total for both should be between 70 & 75 K, if that matters)? I am not sure if we will be filing jointly or separately (any suggestions on that? Again, I will obviously ask the professional, but wouldn't mind hearing your thoughts on the matter).
Thanks!