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Retirement tax questions
@davra66 wrote:
Can you suggest how to send in quarter estimate taxes to Social Security. 1040ES. Last year I only sent to the Federal Government, quarter taxes, and found out in the new year that I should have paid something to my social security too. Can I send in quarter estimate taxes against my social security tax?
As a self-employed sole proprietor/independent contractor there is no need for you to send SS tax payments to the SSA. You pay Self Employment taxes on your net profit as reported on your Schedule C. The SE taxes are the Social Security and Medicare tax payments. Those payments are reported to the SSA by the IRS when the IRS processes your federal tax return.
SE taxes are shown on the 2019 Schedule SE and on the 2019 Schedule 2 Line 4 which flows to the Form 1040 Line 15