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JackBrown91
Level 1

Second Job - Self Employed

Hello!

I'm VERY new to this so please bare with me. I work as a Social Media Executive Full Time, and in August 2020 I started doing delivery driving for Just Eat as a second job.

I've just signed up for quickbooks and have connected my bank account to my account and now have all of my transactions.

The obvious transactions which are personal are fine. However, what do I say my regular income from my first job is? As that's not money coming from my self employed business if that makes sense?

Any help with this would be greatly appreciated!

3 REPLIES 3
MariaSoledadG
QuickBooks Team

Second Job - Self Employed

Hello there, JackBrown91.

 

QuickBooks Self-Employed tracks your income and expenses from your self-employed work. Since it needs your tax bracket info to calculate your federal estimated quarterly tax payments, you'll have to enter your regular income under the tax profile settings. This gives QuickBooks your complete tax info so your estimates are accurate.

 

Here's how: 

  1. Click the Gear icon.
  2. Select Tax profile.
  3. In the Tax settings dropdown, select the tax year.
  4. Enter your info or make changes.
  5. When you're done, click Save.

Also, QuickBooks includes business income when it calculates your estimated taxes. So you'll only have to categorise money that comes from self-employed as business. Please read this article for more information: Categorise Transactions In QuickBooks Self-Employed.

 

Please let me know if there's anything that you want us to help with. We're always right here to help you.

JackBrown91
Level 1

Second Job - Self Employed

So where it says 'Estimated employment income' is that from my full time job, not my self employed one?

And is that the amount I'll make for a whole year after tax deductions?

Also, from linking my bank account, do I set any wages I've been paid as Personal instead of Business? As they're not anything to do with my self employment?

I hope this makes sense!

MaryLandT
QuickBooks Team

Second Job - Self Employed

I'm here to answer your questions, JackBrown91.

 

Your Estimated employment income is your self-employed income and any other income. And, it is your annual amount that dived into 4 quarters for tax calculations.

 

When you sign up for QuickBooks Self-Employed, we ask about your filing status, dependents, annual income from your employer (what's on your W-2 form), and more. This sets up your tax profile.

 

You can add the W-2 gross amount in the Your annual W-2 income field to include the income on your estimated taxes.

 

Federal estimated taxes include Medicare, Social Security, and federal income tax. We calculate how much you owe based on your:

  • Self-employment income
  • Self-employment deductions
  • Tax settings (Tax profile and Annual Projection).

Also, personal transactions aren't part of your quarterly taxes. We only calculate entries under the business category.

 

You can review the information entered in your Tax Profile settings. And, the UK Business and Self-Employed Tax Centre also offer a lot of great information on being self-employed.

 

Check out the QuickBooks Self-Employed Overview to learn more about tracking your business income.

 

Feel free to leave a comment below if you have follow-up questions. I'm just right here anytime you need help.

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