Do I need to file estimated taxes if I file jointly?

Question

I am a stay-at-home parent. I started a freelance business and expect to earn a total of $7000 by the end of the year. I file jointly with my husband every year. He is paying enough through withholding to cover my tax expenses. So, do I have to pay estimated taxes on what I earn? Or since I file jointly with my husband are my taxes already covered?

Answer 1

As long as the withheld taxes are at least 80% of the expected tax due, you neither need to file estimated taxes nor pay any additional withholding in. ~

Answer 2

If his withholding is enough to cover your joint tax liability, you don't need to make estimated payments. If it is not, you can increase his withholding to cover the estimated payments you would have made. Don't forget to include self-employment taxes when deciding how much the send the IRS.

Answer 3

It is important to avoid penalties to pay in enough to cover your tax liability. If your husband has enough to cover all taxes due you do not have to pay estimated taxes.

Answer 4

the possible need to pay estimated income taxes is for both of you together, not as separate individuals -- because you file jointly.

sales taxes are separate and you'll have to consult your state for instructions and payments.

As long as the amount you and your husband owe on your annual Federal Income Tax return is less than $1,000, estimated tax payments are not required.

State estimated taxes, if any -- please check with your state.



[oughta know -- I paid mine last week.]


:-)

Answer 5

As long as enough is paid in to cover the taxes that will be owed, then no you don't have to file quarterly.