My wife is self-employed, and thus we need to think about income tax and self-employment tax. I’m a normal employee.

I’m trying to avoid the hassle of quarterly tax payments. Since we file jointly, can I just increase my W-4 withholdings to cover the tax bill for her income tax and self-employment tax?

like
Posting as :
works at
You are currently posting as works at

Seems like it would be easier to just pay quarterly, you can estimate off of last years and divide by 4 or set aside 1/3 of income for taxes and pay it out. Think it would be confusing for you to cover out of your check. Our accountant did all of the paperwork with our yearly and then gave me coupons for my self employment, so I sent in each quarter. That said until she gets an idea of income, I would have some additional withheld from yours as a buffer because it’s hard to know the first year or two.

Yes, you can just withhold more if you want. Quarterly payments aren't difficult though.

Related Posts

Can anyone recommend good investment options in Bank of America HSA account? I feel their funds are very limited compared to what I have seen from 401k and IRA. Anyone recommends your HSA account?

If anyone here is wondering how to best use their GI Bill... I HIGHLY recommend using the GI Bill comparison tool. Has anyone else here used it??

like

Please help me if it is the correct HRA deduction

Post Photo

Hello 👋 starting to look for my first condo (NYC, Jersey City) and learning the process of home buying. How much of your total savings did you use for down payment + closing, and how long did your process take for you?

like

Where do I start if I want to get into investing? Have money just sitting around and have no clue where to begin?

like

Any recommendations for total market index funds? Thanks!

like

You have 10k, where are you putting it?

like

Anyone successfully keep intro rate with Comcast internet after multiple years? Threatened to cancel but they won’t honor what I’ve been paying this year. Sorry this isn’t a points post - cont:

like

My sons friend is looking to get into real estate . He is a junior at Indiana University. Looking for recommendations.

funnylike

I had net gains from stock sales totalling 16 cents in 2019. I omitted this from my tax return. Any reason to be concerned?

funnylike

What are some good east coast cities to buy an investment property in? For those of you who have done this before, what's better for a first time buyer/investor - commercial or residential?

Based in NYC but looking to buy outside the city. Something that's 400-500k and has good rental potential. Thank you.

like

Consultants in Dubai how do you spend your salary?
% on savings
% on housing
% on going out

like

This is my 401k allocation fund and 38 years old..is this fine? what you do and reallocate allocation percentage?

Post Photo
like

Anyone have a recommendation for financial/tax advice? Hurting in the 60% tax zone right now (100-125k) and need some help to work through options eg more salary sacrifice, pension etc… thanks!

like

What region in the United States is best for real estate investing?

like

There is a former employee who made some questionable purchases with his company credit card. Are we allowed to deduct them from his last paycheck?

like

What’s the deal with some Rolex ADs offering to accept optional deposits, of any amount, but not giving any delivery timeline / place in line when such deposit is made? Has anyone encountered this and generally how did it pan out? I encountered this with a SS watch that could easily be sold by the AD ten times over and not blink an eye.

like

Does anyone have a fidelity cash management account?

1) would you recommend? Why? Why not?
2) do you use this as your primary bank account?
3) any specific benefits / drawbacks?

like

Pumped 100k into ETH on the dip. I’m 30% up and just cashed out! I love dips, Baby!!!

like

Hii sharks 🦈🦈🦈🦈

Can anyone of you please help in calculating how much will be my income tax per month(I am availing the Old tax regime)? Different IT calculators show different figures, not sure which is correct :(

And as for the interest amount in the Savings Account and Fixed Deposits, do both fall under "Income from Interest"? Or under "Other Income"? Or does Interest amount in Savings account fall under "Interest from Deposits - 80TTA"?

The figures are given in the screenshot 👇🏻

Post Photo
like

More Posts

Any advice for someone trying to become a financial adviser part time?

like

Hi! I'm currently interviewing for a security manager role and was wondering what I can expect the TC to look like? It's hard to find reliable information online

like

Duane Morris (Ft. Worth) First Year at 190 with 7500 bar exam stipend.

(person posted their offer letter on linkedin, thought I would share for market research)

like

How did you get started in your career as an FA? I work in the home office and have been an assistant to an FA before. I have a network, I have ambition, I have credibility and connections at my firm..

I’m curious what the comp is like at salesforce as a business development rep? Also, what’s it like working for this org from a politics side of things? Ie. i know they mandated vaccine, anything else?

Which big 4 firm will pull the trigger first on letting everyone WFH?

like

I have offer in Genpact and Atos syntel.

Atos is offering 2 LPA more than Genpact.

I am offered to the role of 4B, Lead consultant in Genpact. How the work life balance/Hike/variable pay in genpact. Variable pay is payable 100% ?

Any recommendations on home EV charging station installation? Looking to bring an EV home soon, and not sure where to start on this

like

Currently, I am a partner at a LATAM boutique firm and we are interested in working with US companies that come to do business here.
What would be the best way to advertise/make ourselves known to them?
I believe we offer attractive services (corporate and employment law) and both my partner and I are bilingual. My partner is an LLM from an ivy league school.

Any ideas? Thanks in advance fellow colleagues.

like

In love 😍😍

Post Photo
like
like

Hello, I need advice on salary negotiations at my current employer. Got offered a HR management role @ $62k a year. The average salary in SLC is $73k. Someone less than 1 year of experience earns $69k. I’m also PHR certified and have 5+ years of progressive experience in all functions of HR. Anyone in the outdoor or sporting goods industry with a company size of 250-300 employees? TIA

like

Hi fishes
Does
Nagarro gives ID Cards to its employees Nagarro

like

Hello all, looking for some insight. Could you let me know where the no code practice sits within EY? Would that be under Consulting > emerging tech?

like

Do you ever make reference to you being LGBT+ in your professional life? Portfolio or LinkedIn, etc? If you do what had the reaction been (if any)?

like

Diagnosed with ADHD at 40. Tried Vyvanse for a couple of months. It works in terms of depriving grogginess, afternoon post meal crash, and suppressing appetite (at times).

However, I still needed help planning/prioritizing my day,  listening and active note taking, and keeping myself accountable. So decided to replace meds with coffee. Also, the fact that most people on meds had to progressively increase their medication over time did not sit well with me. (cont'd)

like

I am expecting an offer tomorrow for a senior hardware engineer. Any idea what I should be looking for as pay? It's a worldwide company but very small engineering department in the pacific nw. I was also wondering if anyone has had luck negotiating vacation time?

like

For the first time in a long time, I am excited to teach something new! I replaced The Crucible as my drama unit with Hamilton. My kids are stoked to be reading something modern (even if it is about an old dead guy)! Any one else out here teaching Lin-Manuel Miranda's play to your high school students?

likeuplifting
like

Fishes, Anyone aware of the relocation assistance provided by Wells Fargo . Is that provided as as whole or only after submitting the required bills and docs.
Asking because Deloitte credited 40k relocation assistance without any bills even though it was mentioned in the offer that bills were necessary.
Can anyone please help? Wells Fargo

like

Additional Posts in Personal Investment Chatter

This is my 401k allocation fund and 38 years old..is this fine? what you do and reallocate allocation percentage?

Post Photo
like

Does anyone have a fidelity cash management account?

1) would you recommend? Why? Why not?
2) do you use this as your primary bank account?
3) any specific benefits / drawbacks?

like

Anyone with some interesting free investing e-book to share. I would like to keep my busy during the holidays reading to understand the basics of investing. Please help me!

like

Let’s say you have $200K in cash, $100K in student loans at 6%, $10K in auto loans at 4%. What would you do? Pay off all debt asap with cash, invest remaining cash? Refinance all debt to lower interest rate and invest all cash? Any other ideas?

like

If I sell all my stocks now (at a loss) but later buyback at lower price, I am sill better off right? Just making sure I’m not missing anything..

like

My comment was reported as spam in 2021 (FB notification in comments)

It's not spam if it's right

Post Photo
like

Theoretically, is maxing out 401k contributions enough for savings in a given year? I have a lot of expenses this year so wondering if I can do less savings when I’m already contributing to 401k with the employer match (~25k) and HSA max ($3.6k)

like

Hi - I’ve never invested before but been interested for a while. In my 20s so not much risk, no debt, no immediate goals that I’m saving up for. I have a decent amount of savings just sitting around

like

So earnings were priced in? No in fact, we were at “return to normal”. sell sell sell.

Post Photo
like

Which tax filing service is the best option. Turbo Tax or H&R Block?

like

Has anyone avoided getting a real estate agent to negotiate a lower price/credits worth the commission while buying a house? How did you go about managing the transaction?

Might be the wrong bowl, but what’s the best energy company for Dallas? Wife and I are moving in a couple weeks.

Looking to rollover a previous employers Roth and ira. Thoughts on vanguard vs Betterment?

like

Have we hit the bottom before rebound?

likefunny

Any comments appreciated! I lucked out and joined a company pre IPO several years ago, and since then have accumulated ~100k in post IPO vested stock I’m holding. I think the company has long term potential and anticipate stock rises long term, but should I hold or sell? I’m a long term investor and am usually risk tolerant, but interested in thoughts. Company stock ownership represents about 1/2 of my individual brokerage

like

What do you keep your thermostat set at in the winter? Trying to find the middle ground between comfort and Price

like

Does anyone know if I can convert my 2019 IRA funds via backdoor Roth conversion in 2020? I don’t fully understand the tax guidance, but it seems like I have 60 says to click the convert button.

like

What does your portfolio look like in your retirement account vs your personal taxable account? How much do you have invested in each? Right now I'm 100% VTSAX in my retirement. Deciding if I want to

like

I live in Colorado, but have a job "based in San Francisco" so working remote. I'm paying Cali taxes/deductions. Will I get the excess back when I do my tax return for 2022?

like