Yes

You can over withold from employee to cover your taxes on your IC position.  At the end it all gets bundled into one pot and they don't care which position pays the taxes as long as it gets paid.  You will do your schedule C for your IC, after deductions you will figure out what your SS liability is.  That will be added onto your federal income tax liability for your total amount due.  So if you witheld enough from your employee position to cover your IC -- no problem if not you will owe.  I work a small job to do that.  Just like if you were an IC and your spouse worked, he can over withold from his pay also as you are both liable for the taxes if you file jointly.   Get Turbo Tax or one of those programs, they work great for you. 

• If you're IC on one account and employee on another.. - fed taxes question
  • Yes - Patti

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