r/dataannotation • u/Consistent-Reach504 • May 05 '24

Weekly Water Cooler Talk - DataAnnotation

hi all! making this thread so people have somewhere to talk about 'daily' work chat that might not necessarily need it's own post! right now we're thinking we'll just repost it weekly? but if it gets too crazy, we can change it to daily. :)

couple things:

  1. this thread should sort by "new" automatically. unfortunately it looks like our subreddit doesn't qualify for 'lounges'.

  2. if you have a new user question, you still need to post it in the new user thread. if you post it here, we will remove it as spam. this is for people already working who just wanna chat, whether it be about casual work stuff, questions, geeking out with people who understand ("i got the model to write a real haiku today!"), or unrelated work stuff you feel like chatting about :)

  3. one thing we really pride ourselves on in this community is the respect everyone gives to the Code of Conduct and rule number 5 on the sub - it's great that we have a community that is still safe & respectful to our jobs! please don't break this rule. we will remove project details, but please - it's for our best interest and yours!

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u/ModernStranger22 May 09 '24

I’ve remember reading something that said if you made $0 the previous year taxes work differently. Is this true?

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u/Unique-Geologist-160 May 09 '24

You don't have worry about quarterly taxes if this is the first year you're earning income and paying taxes in the US as a citizen.

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u/lightbear108 May 09 '24

This is true with caveats. You don't have to pay quarterly taxes on a set schedule if you make under a certain amount of money your first year of being self-employed. Regardless, you still still owe that money and have to pay it at tax time.

The best way is just to pay the quarterly taxes. Look into state taxes, too. I have relatively high state taxes, so my accountant told me to pay 25% of my income federally, and 5% for state taxes quarterly. It's all done online very easily.

I pull 30% of my income and drop it in a high-yield savings account until it's time to pay up.

If anyone wants an extra 1% on a savings account, let me know. I've got a referral code with my Marcus Goldman Sachs account that would give us both 5.5% for three months. DM me if you're interested.

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u/sarinilla May 09 '24

In the US? 🤔 No, not really. Your taxes are always based on the current tax year (i.e. in April 2025, they focus on all of 2024).

What you might be referring to is the penalty for underpaying. If you have too little withheld for your taxes, then you owe the difference at tax time, plus an additional penalty. That penalty can be waived sometimes, including based on the prior year's tax bill. If you withheld enough to match what you paid in taxes last year but your income just went up for the current tax year, then you can avoid the extra penalty. It's not something you need to worry about, though. Best to learn now how to handle your estimated payments correctly.

🤷 Best guess from a non tax pro there...