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MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2342
Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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If I am a 1099 and am going to make about $42,000 and my husband

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If I am a 1099 and am going to make about $42,000 and my husband will make around $180,000 with federal withholdings of $24,400 and CA witholding $8,700. He is not self employed - has a W2 - We have about $45,000 in deductions. How much should I send in and when do you do that during the year?
Submitted: 8 years ago.
Category: Tax
Expert:  MequonCPA replied 8 years ago.
Do the itemized deduction include the CA withholding
Customer: replied 8 years ago.

no - here is another piece of information that you might need: total pre-tax deductions are $16,000 which is medical and 401K.


Thank you

Expert:  MequonCPA replied 8 years ago.



Using the information provided, your federal balance due will be about $12,500 that amount includes self employment tax of ~$7,200. California tax of appoximately $1,600.


Normally, the amounts would be split and paid quarterly. To avoid penalties, you must make estimated tax payments or have withholding that is either 110% of last year's tax or 90% of current year's tax.



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