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I am an independent contractor. I received a 1099 misc however no FICA taxes were withheld. Did the turbo tax software calculate FICA taxes?

 
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I am an independent contractor. I received a 1099 misc however no FICA taxes were withheld. Did the turbo tax software calculate FICA taxes?

You pay the FICA (Social Security & Medicare) on your tax return.  That is the self employment tax.

 

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 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.  So you get social security credit for it when you retire.  You do get to take off the 50% ER portion of the SE tax as an adjustment on 1040 Schedule 1 line 27.   The SE tax is already included in your tax due or reduced your refund.  It is on the 1040 Schedule 4 line 57 which goes to 1040 line 14. The SE tax is in addition to your regular income tax on the net profit. 

 

I am an independent contractor. I received a 1099 misc however no FICA taxes were withheld. Did the turbo tax software calculate FICA taxes?

Yes. TurboTax will calculate the FICA you owe  - Self-Employment tax - after you complete Schedule C, which determines net taxable compensation. SE calculations will be part of your return.

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