My husband is an architect currently employed with a firm. He just got a freelance job on the side, which is expected to pay him around $26,000 over the next year or so. (This is additional money on top of his salary from the firm, which is around $55,000.)
My concerns are:
1. How do we figure out how much of this will be owed to the IRS / state of California in taxes? (We want to set the money aside as we go so that we don't get screwed in April...)
2. Is it true that we have to pay quarterly taxes?
3. Does my husband need to file for some sort of tax ID number for this independent job he is doing on the side?
4. This freelance money is obviously separate from my husband's salary from his firm, but is all the money reported on the same tax forms?
5. Anything else we need to know that we're not even thinking about??
Please help! So confusing...
2007-05-23
14:54:56
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9 answers
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Anonymous