Tuesday, December 13, 2011

I'm self-employed. If I make quarterly estimated tax payments, do they include Medicare and Social Security?

As a self employed person, you pay all your taxes on your 1040. Your estimated payments will be applied against your income and s.e. taxes (fica etc). As long as you are making the payments and the total is at least 100% of last years tax or 90% of this years, you will not be liable for any penalties.

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