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Self employed payroll tax.

Forum|Forum|4 years ago
January 26, 2022
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This is my first year filing a Schedule C.

I have been paying 30% of my income in quarterly estimated taxes.

I have not differentiated FICA, Medicare and Income in my payments. Is this incorrect? When I calculate my 2021 income can I then allocate the estimated payments to FICA, Medicare and Income accordingly? Thank you.

Best answer by HelenC12

As a self-employed individual, filing a schedule C, you don't allocate the estimated payments. TurboTax will automatically calculate your FICA, Medicare and income tax when you file your income tax return. It will then report the breakdown on your tax return. Any amount left over will be a refund.

Additional information: Where do I enter my estimated tax payments? and What are federal estimated taxes?

H

HelenC12Answer

As a self-employed individual, filing a schedule C, you don't allocate the estimated payments. TurboTax will automatically calculate your FICA, Medicare and income tax when you file your income tax return. It will then report the breakdown on your tax return. Any amount left over will be a refund.

Additional information: Where do I enter my estimated tax payments? and What are federal estimated taxes?

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