Ok, so might be getting paid a bit this year to have fun. Arrangement is I'll be an independent contractor running tours on an an hoc basis at my discretion and pay will be reported on a 1099.
I'm trying to figure out if/how I need to make estimated tax payments as my only expected liability will be self-employment taxes and not having much luck figuring it out researching. I think I might be able to wait until I file.
Basic expected 2022 single filer:
Earned income (1099 that I'll owe SE taxes on): Up to $6000, probably less -definitely less than standard deduction.
Dividends and interest: $4000
Long Term Capital Gains: $19000
AGI: $29,000 (will adjust Capital Gains realized to keep under MAGI threshold to max ACA subsidy)
With such low liability (self employment would be a max under $1000 with no federal income tax liability; will I need to mess with estimated SE tax payments? Looks like if under $400, it is not even owed and it's possible I won't cross that threshold but I think I will.. so wait till I cross $400 (~$2,600 of SE income) to worry about it?
Thanks for any clarification/links to examples like my scenerio.... based off of "income" I don't need to make estimated payments but can't see anything regarding estimated self-employment taxes only.
I'm trying to figure out if/how I need to make estimated tax payments as my only expected liability will be self-employment taxes and not having much luck figuring it out researching. I think I might be able to wait until I file.
Basic expected 2022 single filer:
Earned income (1099 that I'll owe SE taxes on): Up to $6000, probably less -definitely less than standard deduction.
Dividends and interest: $4000
Long Term Capital Gains: $19000
AGI: $29,000 (will adjust Capital Gains realized to keep under MAGI threshold to max ACA subsidy)
With such low liability (self employment would be a max under $1000 with no federal income tax liability; will I need to mess with estimated SE tax payments? Looks like if under $400, it is not even owed and it's possible I won't cross that threshold but I think I will.. so wait till I cross $400 (~$2,600 of SE income) to worry about it?
Thanks for any clarification/links to examples like my scenerio.... based off of "income" I don't need to make estimated payments but can't see anything regarding estimated self-employment taxes only.
