when i pay my quarterly estimated taxes does that go towards my self employment tax?

Question

is federal income tax the same as self employment tax?

Answer 1

Yes, your quarterly estimated taxes go towards your TOTAL federal tax liability, which includes self-employment tax (social security/medicare).

Answer 2

Yes, self-employment tax is part of your quarterly estimated tax payments. Self-employment tax is actually social security tax, not income tax. It is combined with income tax on your income tax return, but the money actually goes to social security and counts as social security credits when determining how much your social security benefits will be.

Answer 3

They are two different taxes. Your quarterly estimated taxes should include your federal income tax and your self employment tax.

Answer 4

First, the self-employment tax CAN be paid through Federal quarterly estimated taxes (form 1040-ES), as can federal income tax. I did so for many years.

Second: Federal income tax is NOT the same as the Federal self-employment tax. Self-employment tax is closer to social security (FICA) tax. If you're self-employed, for every dollar you owe in FICA, you owe another dollar in self-employment tax. Differences? For one, there's no limit on income subject to fed income tax, but there is a limit on income subject to FICA and self-employment tax. If you have any self-employment income, you need to attach form 1040 Schedule SE to your form 1040.

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Answer 5

I am self employed and don't pay quarterly taxes. I filed my return and of course it showed the amount of taxes not paid. plus a penalty. My question is,_ does the tax amount money i w where does the money after entering e after i pay the taxes due foronce I pay the taxes du which erthe taxes will the amount due htonce I'll be paying the taxes due I pay the anou

Answer 6

actual you're able to be able to desire to flow forward and incorporate the 15.3% self-employment tax (on your internet SE income) on your quarterly estimates-that way you don't get hit by potential of pen- alties for underpayment of tax once you report. once you're self-employed, you do pay the two halves of the Social protection tax for a complete of 15.3%. once you're an worker, you basically pay one a million/2, or 7.sixty 5% Social protection tax. Now once you're self-employed, you do get to deduct expenditures right away out of your gross income, as unfavourable to being constrained as an worker to the surplus of rate over 2% of the entire income. additionally you get to deduct out of the entire income a million/2 of your SE tax. yet interior the top, it somewhat is frequently painfully taxing to artwork as a contractor. this recommendation replaced into arranged in line with our understanding of the tax regulation in result on the time it replaced into written because it applies to the information you provided.