So I have two ‘jobs’. I’m employed as a technician by a school which pays me a monthly PAYEE / annual salary...etc and I also work self employed as a freelancer.
I have quickbooks self employed but how do I work with this... Quickbooks sees my pay from my employed job (which is already taxed automatically) and it sees any self employed income (I’ve not gotten around to setting up invoicing from QB). But all in all, at the moment, this is all just ‘income’? I don’t have a option to select my employed job salary as PAYEE...etc
My my main problem I can see, is at the end of the year, the numbers are going to be messed up and the tax return will be even more hassle using QB?
Following on from the original question I'm a retained / on call firefighter, I get an annual retainer paid monthly & then I'm paid an hourly rate for fire calls and hours worked / training etc. so I'm struggling to know what to enter as the annual figure under the W-2 Annual Income box.
I became self-employed after being made redundant in June 2019 so part of the year I was employed on PAYE, how do I allow this in QuickBooks?
I am in the same situation but I've set up another bank account which is completely seperate to my employer as all my self employed work will go through that account. Am I doing this correctly as I'm worried I would be also hit with a big tax bill at the end of the year.
As my colleague @RenjolynC stated above, if you've tagged an income transaction as Personal, then QuickBooks Self-Employed (QBSE) won't include them in the calculations for estimated taxes. To ensure that your estimated taxes are accurate, you'll have to correctly tag income from your self-employed work as Business.