For 2025, my son will be reporting income entirely for self-employment. I understand that he must complete Schedule C, correct? If yes, how can Schedule C be accessed in TurboTax? Also, I understand that he must plan on paying 16.2% of his income for social security and Medicare, correct?
If you have self-employment income for which you will pay self-employment tax for Social Security and Medicare, you will need to use online Premium software or any version of the desktop software download so that you can prepare a Schedule C for your business expenses.
https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922
If you live in a state with a state income tax, you might need to make estimated payments to your state.
https://turbotax.intuit.com/tax-tips/small-business-taxes/the-home-office-deduction/L1RZyYxzv
https://turbotax.intuit.com/tax-tools/calculators/self-employed/
@trberkovich wrote:Also, I understand that he must plan on paying 16.2% of his income for social security and Medicare, correct?
It is sort-of 15.3%, but in reality, it is about 14.1% of his business profit (the way the math works, it is actually 92.35% of 15.3%, which is roughly 14.1%).