AmyC
Expert Alumni

Deductions & credits

Your job takes out Medicare and Social Security with each paycheck. When you are self- employed and making money, you must pay into Medicare and Social Security. The tax is added into your return and changes your refund. The IRS will give the credit to the Social Security Administration for you. As your business grows, so will your taxes. If you ever reach the point that your taxes exceed your refund, you will need to make estimated payments.

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