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    Wayne8's Avatar
    Wayne8 Posts: 2, Reputation: 1
    New Member
     
    #1

    Jun 9, 2010, 12:03 PM
    FICA/Medicare taxes
    I am self employed and figuring my first federal and state estimated tax payments. How
    Are FICA/Medicare taxes paid and is there a form to do so?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
     
    #2

    Jun 10, 2010, 02:21 AM

    You must file your tax return if yourself employed income is $400 or more. You will report your income and business related expenses on schedule C or C-EZ (Form 1040). Then you put net income (or loss) on line 12 of Form 1040. This income is subject to SE tax at 15.3% (this is shown on line 57 of Form 1040).
    You may need to make quarterly estimate taxes payment using Form 1040-ES. Your U.S. Tax Return: Tax Filing by Self Employed Sole Proprietor or Independent Contractor
    Wayne8's Avatar
    Wayne8 Posts: 2, Reputation: 1
    New Member
     
    #3

    Jun 10, 2010, 08:42 AM
    Thank you, MukatA, for your response. The link you sent answered my question concerning the
    Payment of FICA/Medicare. I wasn't aware that the SE tax was essentially those two combined.
    Why isn't that stated on the Self Employment Tax form so that novices like me don't have to waste time searching, to no avail, every nook and cranny on the IRS website.
    Thanks again for your help!
    Wayne8

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