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Do i need to file quartely? and how do I manage SS and medicare payments?

Realtor making 70K-90k per year, do i need to file quartely? and how do I manage SS and medicare payments?

2 Replies

Do i need to file quartely? and how do I manage SS and medicare payments?

You manage Social Security and Medicare when you pay your self-employment tax, since that is what it is for.    Since you are self-employed you need to use either online Self-Employed software or any  version of the CD/download.   Using that software you will prepare a Schedule C for your business expenses and pay self-employment tax for Social Security and Medicare.

 

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax
https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c


https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct


https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs


https://turbotax.intuit.com/tax-tools/calculators/self-employed/

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
VincentL
Employee Tax & Finance Expert

Do i need to file quartely? and how do I manage SS and medicare payments?

Before you can determine if you are subject to self-employment tax and income tax, you must figure your net profit or net loss from your business. You do this by subtracting your business expenses from your business income. If your expenses are less than your income, the difference is net profit and becomes part of your income on page 1 of Form 1040 or 1040-SR. If your expenses are more than your income, the difference is a net loss. You usually can deduct your loss from gross income on page 1 of Form 1040 or 1040-SR. But in some situations your loss is limited. 

 

You have to file an income tax return if your net earnings from self-employment were $400 or more. If your net earnings from self-employment were less than $400, you still have to file an income tax return if you meet any other filing requirements

 

Estimated tax is the method used to pay Social Security and Medicare taxes and income tax, because you do not have an employer withholding these taxes for you.  Form 1040-ES is used to figure these taxes. Form 1040-ES contains a worksheet that is similar to Form 1040 or 1040-SR. You will need your prior year’s annual tax return in order to fill out Form 1040-ES. Use the worksheet found in Form 1040-ES, Estimated Tax for Individuals to find out if you are required to file quarterly estimated tax.

 

If you're self-employed, you pay the combined employee and employer amount. This amount is a 12.4% Social Security tax on your net earnings and a 2.9% Medicare tax on your entire net earnings.

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