Question by curious george: Estimated taxes – I am researching this topic in hopes of completing them myself. Can you help?
My wife is on salary and her taxes are taken out of each paycheck. I am self-employed and I am the one who really needs to do the estimated taxes. However, we file jointly, so I don’t understand if I calculate the estimated taxes using my wife’s income as well as mine, or just mine. I know this is the tip of the iceberg, but I want to be thorough and take my time. If you have knowledge, please share! Thank you in advance!
Best answer:
Answer by Bash Limpbutt’s Oozing Cyst©
Figure it based upon your total income, using your income alone for the SE tax portion. Then subtract out what is withheld from your wife’s pay. The difference is what you need to pay in with Form 1040-ES.
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Estimated taxes - I am researching this topic in hopes of completing them myself. Can you help?
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