turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

C Lyon
Returning Member

Self employed payroll tax.

This is my first year filing a Schedule C.

 

I have been paying 30% of my income in quarterly estimated taxes.

 

I have not differentiated FICA, Medicare and Income in my payments. Is this incorrect? When I calculate my 2021 income can I then allocate the estimated payments to FICA, Medicare and Income accordingly? Thank you.

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
HelenC12
Expert Alumni

Self employed payroll tax.

As a self-employed individual, filing a schedule C, you don't allocate the estimated payments. TurboTax will automatically calculate your FICA, Medicare and income tax when you file your income tax return. It will then report the breakdown on your tax return. Any amount left over will be a refund. 

 

Additional information: Where do I enter my estimated tax payments? and What are federal estimated taxes?

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
HelenC12
Expert Alumni

Self employed payroll tax.

As a self-employed individual, filing a schedule C, you don't allocate the estimated payments. TurboTax will automatically calculate your FICA, Medicare and income tax when you file your income tax return. It will then report the breakdown on your tax return. Any amount left over will be a refund. 

 

Additional information: Where do I enter my estimated tax payments? and What are federal estimated taxes?

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies