Question

Business taxes

Forum|Forum|3 years ago
November 16, 2022
1 reply
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When I pay business taxes at the end of the year, does any of that go to social security,medicare,oasdi? And how does one go about paying quarterly taxes? If we choose quarterly does money get put into social security, medicare and oasdi?

F

Faith C

Hi Busybee22,

Thank you for asking. First of all, we need to know what kind of business taxes you are referring to, for example, is it a Partnership, S Corp, C Corp, or Self Employment? For gerneral speaking of quarterly taxes, is it refer to form 941 payroll tax or just regular 1040-ES?

If it is for form 941 quarterly payroll tax, the money goes to social security and medicare tax. You may refer to IRS website, regarding to form 941 and form 944.

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