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cl_hale
Level 1

I work for a full time employer (non contract work) but use QB Self Employed for a side biz. Do I include my W2 income from my full time employer on my QB tax profile?

By non contract work, I mean nothing related to my side biz.
1 Comment 1
RaymondJayO
Moderator

I work for a full time employer (non contract work) but use QB Self Employed for a side biz. Do I include my W2 income from my full time employer on my QB tax profile?

I've got the details you need to make sure your taxes are accurate in QuickBooks Self-Employed (QBSE), @cl_hale

 

Yes, I'd suggest including your W-2 income from your full time employer in the Tax Profile section (see the screenshot below). It's because the IRS sets tax brackets based on your income levels. Also, the income tax is based on both your 1099 and W-2 earnings so the system can provide you the standard deductions. Thus, having both types may increase your income tax bracket. With this, the information you'll enter in this Tax Profile window will help QBSE calculate your estimated tax payments. For more details, see the Tax bracket and tax profile section through this article: How We Calculate Estimated Tax Payments

TaxProfileSection.PNG

 

Also, I'd suggest visiting this website: How To File Taxes When You Have Both 1099 and W-2 Income In QBSE. It contains in-depth details about the differences between the two forms, how these affect your taxes, and how the program helps you to pay your quarterly estimated taxes.

 

Please know that I'm here anytime you have other concerns. Enjoy the rest of your weekend, @cl_hale

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