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You can adjust your withholding on your paycheck to cover any additional taxes from other income such as interest, dividends, and income from side jobs or consulting work. In fact, this is a question I am frequently asked.

Nancy, a regular About Taxes reader, emailed me to ask:

"I searched the IRS website on info about extra withholdings but can't seem to find an answer. I just took a second job where I'm being paid as a 1099 vendor. Can I have extra federal and state tax withheld from my payroll with my primary employer to be paid in safe for [the year]? Or do I need to file and pay quarterly with the IRS? There isn't an option on our payroll to have extra social security withheld so I wasn't sure if it's okay to wait until I file my ... return to pay that."

Individuals can always adjust their income tax withholding to cover the additional taxes for a freelance job or other income they have. Simply fill out a new Form W-4 and give it to your employer.

There's a couple different ways that we could adjust the withholding figures. One is to adjust the number of withholding allowances.