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.
You'll need to sign in or create an account to connect with an expert.
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?
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?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Tjones8226
Level 1
jaimon0104
New Member
Skidiver1988
New Member
Nomad5
New Member
keoni1
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.