Hard to tell if I'm asking a silly question, but started an new business this year and as expect, it was a little soft....when I go through TT, I come up with
Federal Due, about $3800
Self Employment Tax, $3650.
When I pay the $3800 is that including the $3650? I never get prompted to pay the self-employment part separately, but paying both would seem higher than what I'd expect to pay, paying just one seems like not enough. I read the stuff about half of the self-employment being deductible---which makes it even more unclear. Just need to know if I need to make separate arrangements to pay the rest.
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Hi @jonnyballgame34, once you've completed the Federal part of your return on TurboTax (assuming you've entered your self-employment income and expenses), the Federal amount due includes the amount you need to pay for self-employment tax. You'll only need to make one payment at the end. Hope this helps!
Hi @jonnyballgame34, once you've completed the Federal part of your return on TurboTax (assuming you've entered your self-employment income and expenses), the Federal amount due includes the amount you need to pay for self-employment tax. You'll only need to make one payment at the end. Hope this helps!
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