As far as self employment goes, my sales will be collected through Square. After deducting my monthly expenses from sales per month. I would determine how much of self employment tax to be sent directly to IRS? I'm new to this so I am trying to seek advice on what would happen if SE tax is not sent quarterly. Does that get taxed when filing during tax season?
I'm trying to gather all information needed before starting a business. Making sure I know what needs to be allocated to self employment tax.
You'll need to sign in or create an account to connect with an expert.
When starting a new business there are two steps which will determine how you will pay self employment tax.
Let's look at each independently -
TYPE OF BUSINESS ENTITY - Your company can be one of 4 types - Sole Proprietor, Single Member LLC, Partnership or S-Corp. Since you did not mention a "partner" we will presume you are a single person and will not talk about partnerships here.
The difference in Self-Employment (S/E) tax treatment for each entity is determined by the filing of its tax return:
We hope this helps explain the Self Employent estimated tax payment options for the types of single member companies.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
theleeb
Level 3
mtre184902
New Member
Washingtonianite
Level 1
SimonJ9
Level 1
lindz3612
New 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.