I will be self employed in 2018. Do I report my estimated income tax, social security tax and Medicare taxe on one 1040-ES?

[richard19158]

I will be self employed in 2018. Do I report my estimated income tax, social security and Medicare taxes on one 1040-ES?  I need to know to comply with the 2018 tax laws.

[Carl]

Yes. But not one for the whole year. You pay quarterly taxes 4 times a year. If you pay by mail, then there's a 1040-ES for each quarter. Otherwise, if you do it the easy way and pay online at <a rel="nofollow" target="_blank" href="http://www.irs.gov/directpay">http://www.irs.gov/directpay</a> you don't need to deal with the form. Just remember to print your receipt after you pay each quarter. Otherwise without that receipt, you can scream, holler and threaten all you want - if the IRS says you didn't pay and you can't prove it, then you didn't pay.

[SweetieJean]

Remember state taxes as well.

[rjs · Accepted solution]

Self-employment tax covers the Social Security and Medicare taxes for someone who is self-employed. But you don't report the various taxes separately on Form 1040-ES. You just report the total that you are paying, for income tax, self-employment tax, and anything else you might owe. It all gets combined into one total of estimated tax paid on your tax return at the end of the year.