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FICA and total tax due

 
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FICA and total tax due

What is your question?  Do you owe the FICA tax on self employment?  It should be included in the tax due.  Or are you asking about the excess Social Security if you had more than $10,453.20 on $168,600 of wages.   Like if you  had more than 1 employer.  

 

Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% SE tax on 92.35% of your Net Profit (If it is greater than $400). The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare (FICA). So you get social security credit for it when you retire. It is in addition to any regular income tax you owe on it.


The SE tax is already included in your tax due or reduced your refund. It is on the 1040 Schedule 2 line 4 which goes to 1040 line 23. The SE tax is in addition to your regular income tax on the net profit.

rjs
Level 15
Level 15

FICA and total tax due

What is your question about FICA and total tax due? This is a message forum, not live chat. You have to post all the details of your question and wait for someone to respond. Keep in mind that we cannot see your screen or your tax return.


FICA usually refers to the Social Security and Medicare taxes that are deducted from your pay, and are shown in boxes 4 and 6 of your W-2. Is that what you are asking about?

 

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