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when filing online with turbo tax is Social Security tax, which is 12.4% in total for Social Security (and 2.9% for Medicare) automatically added

i just want to make sure that they are taking my taxes and social security sto earn some credit
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8 Replies

when filing online with turbo tax is Social Security tax, which is 12.4% in total for Social Security (and 2.9% for Medicare) automatically added

If you are referring to income from self-employment, yes if you have net income from self-employment you will owe self-employment taxes which is both the employer and employee share of Social Security taxes and Medicare taxes.

 

If you are an employee and receive a W-2 then the SS and Medicare taxes are withheld from your wages by your employer and reported on the W-2 in boxes 4 and 6.

when filing online with turbo tax is Social Security tax, which is 12.4% in total for Social Security (and 2.9% for Medicare) automatically added

You can log into your social security account any time and check your work history.  It takes a few months for the current tax year to show up. 

dmertz
Level 15

when filing online with turbo tax is Social Security tax, which is 12.4% in total for Social Security (and 2.9% for Medicare) automatically added

If you are self-employed, the SSA gets your qualifying income from line 4c of your Schedule SE provided to them by the IRS.

John Sharman
Returning Member

when filing online with turbo tax is Social Security tax, which is 12.4% in total for Social Security (and 2.9% for Medicare) automatically added

I believe the question is perhaps more specifically asking not what it is or how much but rather is the Federal Tax Due box at the top of turbo tax that calculates constantly as you work through all the questions-does that box include Federal Taxes, Social Security and Medicare Taxes or is it simply just the Federal Tax part? Meaning the three inclusive is the total Federal Tax owed?

when filing online with turbo tax is Social Security tax, which is 12.4% in total for Social Security (and 2.9% for Medicare) automatically added

@John Sharman The box at the top of the screen is only for federal taxes owed or a federal tax refund. 

John Sharman
Returning Member

when filing online with turbo tax is Social Security tax, which is 12.4% in total for Social Security (and 2.9% for Medicare) automatically added

Super confused now. I had paid what was in the Federal Tax Due box and paid a very large additional amount for my self-employed Social Security and Medicare Taxes I owed per Schedule SE-T in my Turbo Tax Home and Business and bizarrely was refunded the entire amount of the SA and Medicare payment by the IRS who provided no help when I called multiple times. So why doesn’t Turbo Tax tell you at the top in the Federal Tax Due the total of all 3 taxes or break it out for you differently?

when filing online with turbo tax is Social Security tax, which is 12.4% in total for Social Security (and 2.9% for Medicare) automatically added

The Self-Employment tax is included in the amount of total taxed owed, shown on your Form 1040 Line 23.  Total taxes owed is on Line 24.

 

Federal taxes owed, Line 37, is the amount of Line 24 (Total Taxes) minus Line 33 (Total Payments)

John Sharman
Returning Member

when filing online with turbo tax is Social Security tax, which is 12.4% in total for Social Security (and 2.9% for Medicare) automatically added

I reviewed all the fields you mention and I can only say thank you and thank you and thank you!

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