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August 30, 2023
Question

Starting my first independent contractor gig and I have a complex situation this year

  • August 30, 2023
  • 1 reply
  • 0 views

I retired in March of this year. I will be starting to work for the organization I retired from as an independent contractor on a part time basis the first week in September.

 

Prior to retiring in March I had earned approximately $18,000 in income as a W2 employee. I also started to collect social security in March, my monthly income is $3200 prior to the 10% income tax deduction I am having with held. My income from from the independent contractor gig will be $800 per week.

 

How much will I need to set aside for the self employment and income tax? How and when should I start to make estimated questions.

1 reply

JpastinAuthor
August 30, 2023

Sorry, meant when and how should I begin to make estimated payments