My daughter is employed ss a contractor for a large US corp. She is currently 1099 status. Does she need to make quarterly FICA paymnets or for that matter quarterly state and federal contributions?
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My daughter is employed ss a contractor for a large US corp. She is currently 1099 status. Does she need to make quarterly FICA paymnets or for that matter quarterly state and federal contributions?
She maikes quarterly estimated tax payments using Form 1040-ES for the federal return and a state-equivalent form for whichever state in which she is living.
The Form 1040-ES payment INCLUDES the self-employment tax payment (SE tax is the equivalent of FICA taxes; just TWICE as high).
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