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My wife and I file a joint return. I work as an employee. She

will soon be starting work...
My wife and I file a joint return. I work as an employee. She will soon be starting work as an independent contractor. Can I just increase my tax withholding at my job each pay period to cover the taxes she would owe on her IC income? Or do we have to pay estimate quarterly taxes?
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Answered in 10 minutes by:
11/3/2012
AnswerCPA
AnswerCPA, Tax Professional
Category: Tax
Satisfied Customers: 214
Experience: Tax professional, corporate and individual tax.
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AnswerCPA :

Welcome and thank you for your question.

Yes, you can either increase your payroll tax withholding or pay estimated taxes to cover the tax liability. Will your wife be working as an I/C for one company or organization?

Customer:

Yes, she will be working as an IC for one company.

AnswerCPA :

Then the easiest way is estimate her tax liability and increase your withholding. Please keep in mine that she will also be subject to self-employment tax and will need to report the 1099 Misc she receives from the organization for her services on Schedule C in the Form 1040.

AnswerCPA
AnswerCPA, Tax Professional
Category: Tax
Satisfied Customers: 214
Experience: Tax professional, corporate and individual tax.
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