can i pay UI and get UI benefits?
2007-07-07 17:34:48 · 2 answers · asked by sb 1 in Business & Finance ➔ Taxes ➔ United States
You file 1040ES quarterly to pay your estimated taxes. This is for Federal, SS and Medicare.
You cannot pay unemployment taxes or collect unemployment benefits on your self employment income.
2007-07-07 17:59:53 · answer #1 · answered by Mark S 5 · 2⤊ 0⤋
There isn't a separate quarterly form for paying social security and medicare taxes - you include it with your estimated income tax payment, and use a 1040ES. Calculate it at 15.3% of your net income for the quarter.
When you file your annual return, you'll use schedule SE for calculating your social security/medicare payment for the year.
As an independent contractor you are not eligible for UI.
2007-07-08 02:22:32 · answer #2 · answered by Judy 7 · 0⤊ 0⤋