Question about Tax Profile with DBA business and W2 Job.
I posted something similar the other day and thought I gathered enough info on here to tackle doing my taxes without having to go to a pro, but it seems like I'm gonna have to now since the deadline is almost up and I still cannot figure this out 100 percent. So I have a W2 job and a dba small business which is sole proprietorship. The W2 job takes out taxes, it gets direct deposited to my personal account, which Is different than my business account.
Last year with the W2 job I made roughly $15,000 for the entire year while I was attending college. That was my AGI in total for all income that year and the year before that. I will likely make the same amount with the W2 job this year. I started my new sole proprietorship business in October 2018, and I'm trying to pay for the quarter ending Jan 15 2019.
I made roughly $10,000 with my new dba business this quarter. I tried different software to calculate how much I owe and started using Quickbooks self-employed free trial, and I entered all my business income I made with my new business, and it says I need to make an estimated payment of $1075.
What I want to know more about is the Tax Profile in Quickboox self-employed, it says
"Your annual W2 income", do I have to enter my W2 annual income from last year? If I do that my estimated payment goes up to roughly $1700. The payments I get from the w2 don't go into the business account. It's separate. Do I have to include w2 job in my new business quarterly payments? Am I now in a new tax bracket?
I just want to pay for the damn thing and get it over with whether it's $1075, $1700, whatever. I'm probably not going to make the deadline. Worse come to worse I go pay someone to do my taxes. I posted this in the turbotax community forums and am just trying to see if I can get answers before tomorrow.
any help, any knowledge on taxes would be greatly appreciated. Ive done my taxes before but that was 1040ez, all these estimated payments are new to me and having to figure out what to do when you have a part time w2 job.