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Married couple self-employed, how to pay estimated tax quaterly.
Me and my spouse we both self-employed in a business. We both own the business and will file married jointly. I paid my estimated tax through IRS, how to pay my spouse's estimated tax? Do we both need to pay? How do we earn credits for social security. Thank you!
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Married couple self-employed, how to pay estimated tax quaterly.
If you are self-employed you are required to pay self-employment tax for Social Security and Medicare---that is how you are building credits for Social Security.
https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922
https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax
Please explain "we both own the business." What is the business? How is it set up? Is it a sole proprietorship, an S-corps, C-corps or partnership?
Are you new to self-employment? You are posting from online Deluxe, which cannot provide a schedule C if you need to enter business expenses. Please provide more information.
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Married couple self-employed, how to pay estimated tax quaterly.
The easiest way to pay your quarterly taxes to the IRS is at www.irs.gov/payments.
If you both own the business, then at a minimum I would expect you to be reporting business income/expenses on a 1065-multi-member LLC/Partnership tax return. But maybe you are in a community property state where you can actually split things down the middle and each report your half on a SCH C? Maybe it's set up as an S-Corp and you are both employees of that S-Corp? I don't know. I'm just guessing.
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