1099 Freelance Designer...Estimated Taxes Help

[jennyjenny]

I live and work in California. I made $8,000 in about a month in 2008 as a freelance designer before my company hired me full time on their payroll, as an employee. How do I pay taxes on the $8,000 I made while freelancing? Do I have to send it somewhere or can I pay when I pay my normal 2008 taxes? I have heard as low as 30% and as high as 50%... The company I work for is currently withholding the "normal" taxes for me. Any help would be much appreciated.
Thanks!!

[LdiJ]

I live and work in California. I made $8,000 in about a month in 2008 as a freelance designer before my company hired me full time on their payroll, as an employee. How do I pay taxes on the $8,000 I made while freelancing? Do I have to send it somewhere or can I pay when I pay my normal 2008 taxes? I have heard as low as 30% and as high as 50%... The company I work for is currently withholding the "normal" taxes for me. Any help would be much appreciated.
Thanks!!

The IRS would normally expect you to pay estimated taxes on the 8k. However, its not a disaster if you do not. Including federal, state and SE taxes it could push 50%, depending on what you total income for the year is. SE taxes are about 15.4%, federal tax would be anywhere from about 15% to 28% and then there are your state taxes as well.

One thing that you might want to do, is have your employer withhold some extra from your pay, to help ease the balance that will be due when you file your tax return.

[jennyjenny]

Thankfully, I saved half of that $8,000. So I should be ok.
Thanks again!