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Self employed
If you do not pay yourselves a salary or wage from the partnership you will not use EFTPS to make any payments. The business is not entitled to pay the FICA taxes on your behalf.
A partnership is a pass-through entity and all tax on the income is the responsibility of each partner on an individual level. You will each make estimated tax payments through the year personally, and when you complete your personal returns after receiving the Schedule K-1s from the partnership return, you will have self-employment tax (which is self-employed FICA) reported and the taxes you paid or will pay in will be classified appropriately.
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‎April 11, 2023
10:48 AM
1,076 Views