I currently have a regular job at my university that provides about 2/3 of my annual income. I also do contract work on the side, and have some minor investment dividends and interest payments as well (~$500 a year)
The contract work is extremely sporadic; for instance, during the summer, I have more time to take contract jobs and thus have much more contract income.
What I am wondering is whether I can just adjust my W-4 with my university job to simply withhold more from each paycheck in lieu of having to file the quarterly payments. From my reading of IRS Publication 505, this seems like an allowable solution, since if done properly, I should be able to make my total owed taxes less than $1000.
Does anyone have experience just withholding from another job's W-4 instead of making quarterly payments? Should I just make quarterly payments instead?