AliciaP1
Expert Alumni

Self employed

No, but it doesn't need to.  The IRS assigns the amount of FICA (which is Social Security tax and Medicare tax combined) based on what is calculated on your tax return.  There is not a separate process for paying FICA taxes unless you pay payroll and issue W-2s.  

 

Self-employment taxes are only determined once you have the full year of activities reported.  That amount is added into your Total Tax on your annual individual tax return.  You now just have "Tax" to pay.  Your withholdings (if you have any) and the estimated payments you may have made are applied to the Tax amount and you are left with either an amount due or if you're lucky, a refund.

 

@slyeddie

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