I live in NYC and make $90k as a salaried employee, but I also have a freelance LLC (with separate business account) for freelance projects. I've set up the LLC as a disregarded entity (Schedule C on my taxes).
As I started the LLC mid-year 2015, I didn't have to do estimated Taxes, just then -- but now I do, and I want to do things correctly.
My understanding is that when calculating estimated tax, you have to consider all your income (estimated for the year), and then deduct for federal & state (and city for me, too).
If I have to consider all income, that means I have to start at the $90k and add the freelance income on it too, to get the % to hold back each quarter, right?
Or is there an easier way to do it that I'm missing? All the information I've read treat freelance income as the sole source, which is why I'm a little confused.