Making Estimated Payment for 2022 - Social Security Portion

bpalaia · ‎April 8, 2022

I received unexpected income from a previous employer as a result of a settlement in 2022. No types of Federal, State, social security (medicare) taxes were withheld, but the settlement stipulates that a 1099 will be sent to me at the end of 2022 for that amount. I am trying to calculate the estimated tax payment I should be making - but seem to get hung up in the tax instructions because the forms direct me to treat the social security tax in a self employed format. I did not receive this income through self employment. Would I just calculate what my half of the social security tax would have been and pay that? The income is over the $147,000 taxable maximum for social security for 2022. So $147,000 x 6.2% to get to the $9114 the maximum and then add the medicare percentage?