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I have made $600 in freelance writing wages in 2011, beginning

Customer Question
in April. I want to...
I have made $600 in freelance writing wages in 2011, beginning in April. I want to pay estimated tax on those wages, but when completing the 1040-ES, it asks me to put my expected AGI on line 1. I have two other jobs which deduct federal and state taxes with each paycheck. How do I figure out the taxes I owe for just the $600?
Submitted: 6 years ago.Category: Tax
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Answered in 1 minute by:
6/1/2011
Tax Professional: Stephanie B., Enrolled Agent replied 6 years ago
Stephanie B.
Stephanie B., Enrolled Agent
Category: Tax
Satisfied Customers: 556
Experience: MTax, EA, QuickBooks Proadvisor. Over 15 years accounting and tax experience specializing in individual and small business.
Verified

Stephanie B. :

Thank you for using Just Answer.

Customer:

Thank you!

Stephanie B. :

I want to give you the best answer possible so I need to ask a few more questions.

Customer:

OK

Stephanie B. :

Do you know what tax bracket you are in normally? And do you have an idea of what your net profits from your freelance work will be for 2011?

Customer:

I don't anticipate doing any more freelance work

Customer:

So I think the total will be $600

Customer:

and 15%, normally

Customer:

is my tax bracket

Stephanie B. :

Ok. Do you normally owe or get money back?

Customer:

Get money back.

Stephanie B. :

Ok.

Stephanie B. :

 


Your freelance work will be subject to Self Employment (SE) taxes. Let's assume you have no expenses so I can give you a worse case scenario example.

So, you will owe approximately $75 for SE Tax. If your tax bracket is normally the 15% bracket, then your income tax will be approximately $90 for a total of approximately $135 for federal tax. Then depending upon your state tax bracket, that must to be considered.

You are not required to make an estimate until you owe $1000 or more on your federal return. However, if you choose to send in an estimate, you can do so with the following form. http://www.irs.gov/pub/irs-pdf/f1040es.pdf Use payment voucher number 2 at the end of this linked document.

Customer:

Am I required to make an estimate if my combined total income (freelance + non-freelance) is over $1000?

Customer:

even if the non-freelance already has tax deducted from it?

Stephanie B. :

No. Only the balance of tax that you owe the IRS. So, if you received a refund on your 2010 tax return, then unless you owe $1000 to the IRS for tax year 2011 (meaning you do not get a refund but actually have to pay them $1000) , you are not required to pay an estimate for 2011.

Customer:

okay, great.

Customer:

thanks so much, stephanie!

Stephanie B.
Stephanie B., Enrolled Agent
Category: Tax
Satisfied Customers: 556
Experience: MTax, EA, QuickBooks Proadvisor. Over 15 years accounting and tax experience specializing in individual and small business.
Verified
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Stephanie B.
Stephanie B., Enrolled Agent
Category: Tax
Satisfied Customers: 556
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Experience: MTax, EA, QuickBooks Proadvisor. Over 15 years accounting and tax experience specializing in individual and small business.

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