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I will be paid $5000 this year over a few months working as a part time consultant. How am I taxed?

I will be paid twice a month, probably about 400 a paycheck. We file married. My husband works 2 jobs and I have this marketing consultant gig i picked up. I am an independant contractor. Can we just add this to our household income and be taxed accordingly or do I have to file quarterly and pay estimate taxes? Thanks! I was hoping we could adjust my husband's to compensate. Last year, we got about $900 back. So how would we adjust it, just take an additional $20 a week out of his? bostonianinmo, i don't understand. is the bottom line that i should expect to pay 28% of the $5000 in taxes or that plus the self employment tax? OK, I understand generally although I do not know what brackets we are in. How to I find out?

Asked By: -- - 6/7/2007
Best Answer - Chosen by Asker
On your tax return, you'll include a schedule C or C-EZ showing your consulting income and any associated expenses, and a schedule SE to calculate self-employment tax on the net. The net from your C-EZ will transfer to your 1040, and add to your other joint income for the total to calculate your income tax on. The... More
Answered By: Judy - 6/7/2007
Additional Answers (4)
It depends on how much tax you paid last year and how much tax your husband is having withheld from his check. You have the make estimated tax payments of at least 90% of the current years tax. If you don't you will get hit with a penalty. Do some calculating and figure out what your tax liability will be this year. An... More
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Answered By: Ronin - 6/7/2007
 
You should pay estimated quarterly taxes to your state and the federal government. You can print the forms on the official IRS site, www.irs.gov.
Answered By: ne11 - 6/7/2007
 
You will add this to your household income, but remember that you are responsible for your own FICA if no taxes are being withheld. I don't know your tax bracket, but if you are earning additional income that is not taxed, I would keep at least 25% of it for taxes. If you and your husband make over 100K then I'd keep... More
Answered By: Mo Better - Mo Cheddar - 6/7/2007
 
You may have to make quarterly estimated payments, if your total tax liability will exceed $1,000 over and above the amounts withheld from you and your husband's W-2 jobs. Alternatively you and / or your husband could have additional money withheld by your W-2 employers to cover the liability. File updated Form(s) W-... More
Answered By: bostonianinmo - 6/7/2007
 
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