Throwaway because my main is not very anonymous.
I am a college professor making a modest salary ($80,000). Recently I have started a lucrative side job tutoring SAT in the very affluent suburb I live in. I am paid through the agency and am lucky enough to make about $250/hour, generally in bursts of $1-2,000 per student (my method involves just 4-8 hours of intensive tutoring up front and the student then does the rest). I am paid monthly by the agency and I assume will get a 1099 at the end of the year. I am confused about how to pay my taxes on this. I do not know what tax bracket I will end up in since the work is so unpredictable (some weeks I can make $5,000, other weeks might be $250) and who knows if the summer/fall will be dry compared to the past few months. Business has been good the past few months and projecting it out, I might bring in $100,000 in 1099 income this year which would translate to $40,000 in unpaid FICA and federal taxes. Do I use TurboTax to fill out a 1040-ES every quarter to pay the Medicare/SS/income taxes, or should I somehow pay the government each paycheck? How do I guess which bracket I will be in?
Submitted April 20, 2019 at 09:38PM by 1099throwaway123 http://bit.ly/2IMOKVY
