Janet, I used a CPA for probably the first 17 years of my biz before doing them myself. What they always told me an what IRS.gov also says is “It should be noted that anytime self-employment tax is mentioned, it only refers to Social Security and Medicare taxes and does not include any other taxes that self-employed individuals may be required to file. Schedule SE is the form used when filing yearly taxes. SE tax rate is 15.3% and consists of 2 parts — 12.4% for Social Security and 2.9% for Medicare Hospital insurance.” Social Security used to send out an earnings report yearly, but now you have to go online and see it. You can see how much you’ve earned and how much has been paid in since you first started working. I know when I compare mine, my SE payments are included in the yearly report.
I agree wholeheartedly that people need to get help from a financial advisor instead of slip-sliding along and holding their breath or crossing their fingers every year when tax season rolls around.
As an employee of someone else, this is what appeared as FICA on paystubs — employer paid half and individual paid half. This is probably why you get to deduct 1/2 on income taxes when you are self-employed.
Quite honestly, I don’t understand how “other” taxes over and above biz write offs, as a self-employed individual are addressed. |
| Messages in this Thread |
|  Taxes - feelings screwed this year - Jennifer Mumford on 2/20/21 9:42pm |
|  Re: Taxes - feelings screwed this year - Carolyn Bodley on 2/20/21 11:46pm |
|  No, in CA, we can charge per sig notarized, not per stamp. n/m - JanetK_CA on 2/20/21 11:53pm |
|  Re: No, in CA, we can charge per sig notarized, not per stamp. - Jennifer Mumford on 2/21/21 12:22am |
| Yes. You pay SE tax only on what remains after the notary -  MW/VA on 2/21/21 7:40am |
| Re: Schedule C - Carolyn Bodley on 2/21/21 8:23am |
| Re: Schedule C - Luckydog on 2/21/21 11:05am |
| Re: IRS.gov topic 36 Penalty for underpayment of estimated - Carolyn Bodley on 2/21/21 12:22pm |
|  Topic 306 - Linda_H/FL on 2/21/21 12:30pm |
|  Re: Topic 306 - Carolyn Bodley on 2/21/21 12:49pm |
|  Re: Topic 306 - Luckydog on 2/21/21 3:23pm |
|  Many businesses file quarterly returns along with - Linda_H/FL on 2/21/21 4:37pm |
| Re: CPA’s tax program and now TurboTax has always calculated - Carolyn Bodley on 2/21/21 12:52pm |
| The IRS can charge a penalty is you owe $1,000 or more. - MW/VA on 2/21/21 1:49pm |
| Re: Topic 306 - JanetK_CA on 2/21/21 4:46pm |
| Re: Definitely easier to make 4 smaller quarterly payments - Carolyn Bodley on 2/21/21 4:56pm |
| Re: Topic 306 - Jennifer Mumford on 2/21/21 5:04pm |
| Re: Topic 306 - KimmyMD on 2/22/21 8:44am |
| Re: Topic 306 - Luckydog on 2/22/21 8:47am |
|  Re: have never been incorporated; operate as IC dba - Carolyn Bodley on 2/22/21 9:31am |
|  Re: have never been incorporated; operate as IC dba - Luckydog on 2/22/21 12:48pm |
| That has nothing to do with it. - JanetK_CA on 2/22/21 3:29pm |
| Re: That has nothing to do with it. - Luckydog on 2/22/21 6:58pm |
| Re: That has nothing to do with it. - Carolyn Bodley on 2/22/21 9:14pm |
| Re: Taxes - feelings screwed this year - ananotary on 2/21/21 8:53am |
| Re: Taxes - feelings screwed this year - Cheryl Elliott on 2/21/21 10:49am |
| Re: Taxes - feelings screwed this year - Jennifer Mumford on 2/21/21 11:10am |
| Don't feel too bad. Last year was really busy & I'm owing - MW/VA on 2/21/21 1:47pm |
| Re: Don - Luckydog on 2/21/21 8:17pm |
| Re: You don’t pay your CPA quarterly - you mail $ yourself - Carolyn Bodley on 2/21/21 9:33pm |
| Re: You don’t pay your CPA quarterly - you mail $ yourself - KimmyMD on 2/22/21 8:47am |
| Re: Taxes Direct pay - Clem/CA on 2/21/21 12:06pm |
| Re: Taxes Direct pay - Jennifer Mumford on 2/21/21 5:06pm |
| Re: Financial planners, SEPs, IRAs - Carolyn Bodley on 2/21/21 10:03pm |
| This ^^^^^^^^^^^^^^^ n/m - ananotary on 2/21/21 10:40pm |
| Re: This ^^^^^^^^^^^^^^^ - Luckydog on 2/22/21 8:49am |
| Re: Financial planners, SEPs, IRAs - JanetK_CA on 2/21/21 11:32pm |
 | Re: Financial planners, SEPs, IRAs - Carolyn Bodley on 2/22/21 7:05am |
| Re: 1040-ES - Carolyn Bodley on 2/22/21 8:05am |
| Re: 1040-ES - JanetK_CA on 2/22/21 3:55pm |
| Re: must make profit 3 out of 5 years - Carolyn Bodley on 2/22/21 5:19pm |
| Re: must make profit 3 out of 5 years - VT_Syrup on 2/22/21 6:07pm |
| Re: must make profit 3 out of 5 years - Luckydog on 2/23/21 7:19am |
