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shastin1
New Member

Is social security/medicare owed included in tax return amount?

We started a new business in 2016 but did not make estimated social security/medicate payments.  Is that amount included in the federal tax amount we owe or is it separate?  I know we need to pay the SET but I can't figure out if that amount is included in the amount that turbo tax is calculating that we owe for federal taxes?
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1 Reply
MinhT
Expert Alumni

Is social security/medicare owed included in tax return amount?

When you enter your business income and expenses in TurboTax, the program will create a Schedule C - Profit or Loss from Business and also a schedule SE - Self-Employment Tax.

TurboTax will then calculate your self-employment tax and include it in the amount of tax due. So the amount of tax due that you see in TurboTax includes Self-Employment tax.

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