Income Tax Estimated Payments
November 9th, 2007
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Question: Estimated tax help for joint tax filer, if one is salaried …?
Sofar myself and my spouse used to file joint return. I am a full time salaried employee and my employer is withholding all tax (w2). My spouse had been a salaried employee till early part of this year, had a w2 income. Now my spouse become self employed, getting 1099 income. I think we need to pay estimated tax. Is it right? Now big question is, how IRS calculates (or distribute) Income tax, SStax, Medicare tax separately for my spouse if we pay just one estimated tax and file joint return? Is it advisable to file tax return separately? We are planning to send a payment voucher for this quarter for estimated tax for my spouse. Are we required to include my name in the voucher for a joint return?
Answer: Send in the estimated payment with either name and ss#. You probably do need to file and estimated return, unless you have enough withheld on the W-2 job to cover what she or he will owe. And there’s no reason to file separately when you do your actual tax returns. On a joint return all income and withholding is lumped together, it doesn’t matter who actually made the money.
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