I pay estimated tax for federal/state...should I be doing something with self employment tax or do I handle that solely on my taxes?
I am a single member LLC.
I've researched and only succeeded in confusing myself even more! Please help!
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Yes, you'll need to be calculating your self-employment tax to be submitted along with your quarterly estimated tax payments.
The IRS publication 2020 Form 1040-ES will give you all the info you need. You'll see a worksheet on page 8 for calculating your estimated taxes. But before that, on page 6, see the separate worksheet for self-employment taxes. Once you've completed these worksheets, you should have the total you'll need to submit quarterly. I'm linking the publication below.
You will pay the self-employment tax on your personal tax return since your are a single member LLC. You will report your business income and expenses on Schedule C and the net income will appear on Schedule SE , which is where your self-employment tax is reported and then added to your personal income tax.
There is a section in TurboTax where you can determine that amount of your estimated taxes, to include the self-employment tax as follows:
[Edit 1/29/21 1:20 PM EST]
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