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Thread: Do I have to pay quarterly?

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    Default Do I have to pay quarterly?

    My hubby works outside the home and pay taxes through work, Since we file together do I have to pay cam taxes quarterly? The whole quarterly thing confuses me and I dont even know how to do it. I have read the forum but I am confused. Wish there was a "Cam Girl Taxes for Dummie"

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    Default Re: Do I have to pay quarterly?

    The answer is 'maybe'. As long as a sufficent amount of estimated taxes are being withheld from hubby's paychecks, you don't need to make separate estimated tax filings / payments. But that amounts to an extra 15% minimum 30% maximum of your webcam earnings, PLUS the taxes due on his own income. The actual percentage depends on how much combined income / deductions etc. you both have. To get to this level, hubby may have to file a new W-4 form with his employer claiming single with zero dependents.

    Viewed another way, if you are earning say $200 a week in webcam income, and hubby is earning $1000 a week, his paycheck estimated tax withholding will need to be increased by something like $40-50 per week in order to cover the estimated taxes due on your webcam income. This obviously means that his take-home paycheck will shrink by $40-50 per week. The alternative is to leave his paycheck estimated tax withholding as-is, and for you to file a 1040-ES plus cut a check for about $600 to the IRS every three months.

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