Independent contractor 1099

Forum|Forum|1 year ago
August 28, 2024
1 reply
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Hello,

I have worked a job as a side hustle that is a 1099. I started making estimated tax payments to both the state and federal on 4/15/24, 6/15/24, and getting ready to make another payment on or before 9/15, and again on 1/15/25 all for this upcoming tax year 2024 when I file in 2025. My question is have I been taking out the right amount out of each check I receive? I live in Oklahoma. I have currently been setting aside 15% for federal and 5% for the state out of each paycheck. I hope I am doing this correctly because I do not want to owe any taxes from this job. I also have 2 other jobs which are W-2. Does this 3rd job that is 1099 hinder me working the other two W-2 jobs when it comes time to file next year? Thanks in advance

Jeff

evelynm

Turbo Tax has a great tax caster:

Here is a link to tax caster to assist in calculating your Federal Tax: Tax caster tool

You will answer questions and include both your wages and 1099 income along with withholdings and estimated tax payments to date.

Here is a link with the Oklahoma tax rates: Oklahoma tax rates

Oklahoma also has a link on their site to remit payments. You will need to take your income calculation results and calculate the tax for Oklahoma.

Your tax return next year would include your wages along with the 1099 (Self-Employment) Income likely on Schedule C. Reporting self employment income and deductions

Have an amazing day. Evelyn M (CPA 20+ years)I would love a thumbs up :) + Mark the post that answers your question by clicking on "Mark as Best Answer"