using w2 job to pay tax on slef employed job

Forum|Forum|1 year ago
August 28, 2024
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Can I pay my taxes on my self employed job tru just paying some extra in my W4 form for my W2 job?

Thanks

marctu

Absolutely yes!! If your self-employed net income is not significant, I often advise clients to adjust their Form W-4 The key is that you correctly determine what net self-employment ("SE") income is when filling out a new W-4. Net SE income is gross income less expenses. Once this is done SE tax is 15.3% of 92.35% of SE income.

the tax brackets for 2024:

2024 Filing Status: Single, Married Filing Jointly (MFJ), and Qualifying Surviving Spouse (QSS)

Tax Rate	Single Taxable Income Range (2024)	MFJ and QSS Taxable Income Range (2024)
10%	Not over $11,600	Not over $23,200
12%	Over $11,600 but not over $47,150	Over $23,200 but not over $94,300
22%	Over $47,150 but not over $100,525	Over $94,300 but not over $201,050
24%	Over $100,525 but not over $191,950	Over $201,050 but not over $383,900
32%	Over $191,950 but not over $243,725	Over $383,900 but not over $487,450
35%	Over $243,725 but not over $609,350	Over $487,450 but not over $731,200
37%	Over $609,350	Over $731,200

2024 Filing Status: Head of Household (HOH) and Married Filing Separately (MFS)

Tax Rate	HOH Taxable Income Range (2024)	MFS Taxable Income Range (2024)
10%	Not over $16,550	Not over $11,600
12%	Over $16,550 but not over $63,100	Over $11,600 but not over $47,150
22%	Over $63,100 but not over $100,500	Over $47,150 but not over $100,525
24%	Over $100,500 but not over $191,950	Over $100,525 but not over $191,950
32%	Over $191,950 but not over $243,700	Over $191,950 but not over $243,725
35%	Over $243,700 but not over $609,350	Over $243,725 but not over $365,600
37%	Over $609,350	Over $365,600