Paying Taxes on Gig Income

Since income from the gig economy is taxable, it's important that taxpayers remember to pay the right amount of taxes throughout the year to avoid owing when they file. An employer typically withholds income taxes from their employees' pay to help cover income taxes their employees owe. However, gig economy workers who are not considered employees must pay their taxes. There are two ways to do this:

Submit a new Form W-4 to their employer to have more income taxes withheld from their paycheck, if they have another job as an employee.

Make quarterly estimated tax payments to help pay their income taxes throughout the year, including self-employment tax.

If you have any questions about the sharing economy and your taxes, help is just a phone call away.

Contact Us!

Global Taxes, LLC

667 Madison Avenue, 5th FL

New York, NY 10065

Phone: (212) 803-3327

[email protected]

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