Tag: liablility

Sole Properietorship And Tax Liablility

Hi Wayne:

I am a Personal and Business Coach and that income requires quarterly self-employment tax payments as estimates of that year’s taxes. I also earn some occasional income through a couple of other businesses who hire me as contract labor. The income I earn through those businesses gets reported on 1099-Misc under section 7. Nonemployee compensation. Does that income also need to be included in the quarterly self- employment tax payments? At what point of income MUST you file the quarterly payments?

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