This is my first year as a contractor. Can form se be filed online or is it mail in only? I am somlost on the form as it speaks yo farming and church .
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Hello @Koj1!
Congratulations on your first year as a contractor - starting something new is exciting! But as you've brought up, it does bring with it some new questions and challenges. The good news is TurboTax can make all of that simple for you! If you file your return with TurboTax, the Schedule SE gets filled out and e-filed right along with your tax return! You don't have to manually fill it out or mail it in.
I hope that helps to answer your question, but if you have additional questions about filing as a contractor, feel free to ask a follow-up question in the thread below, and I'll keep an eye on it and provide a response!
What form is used for paying estimated quarterly self employment taxes? I'm sorry but I am lost. I have already earned 60,000 so I want to pay as soon as possible
Hi There
Re: 1040-estimated tax payments: Please see link below for forms and payment options:
And the social security portion of the taxes?
It sounds like you'll benefit from using our Tax Caster Calculator. Even though the calculator is set up for 2022, it should get you pretty close to your number for 2023. You'll want to fill out the whole calculator, but especially be sure to put your estimated net business income (income minus expenses) in the Business owner/Self-employed section. This will calculate what, if anything, you're projected to owe for the year, which you can use to determine how much to pay in quarterly estimated payments. As of today, there is still time to make a third-quarter estimated tax payment (due by September 15th, 2023) and a fourth-quarter estimated tax payment (due by January 15, 2024).
When you use that calculator, it calculates your self-employment tax, which includes the portion for Social Security and Medicare taxes. Also, when you use Form 1040-ES to make an estimated tax payment to the IRS (or if you make an estimated tax payment online), you don't have to make a separate payment to any other agencies to cover your Social Security and Medicare tax. Estimated tax payments do go towards that.
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