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Bill
Bill, Financial Advisor
Category: Finance
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Experience:  EA, CEBS - 35 years experience providing financial advice
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I am self employed for the 4th quarter. I have never paid

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I am self employed for the 4th quarter. I have never paid estimated taxes or social security other than through W-2. Am I paying the "whole" amount of estimated taxes (social security and income tax) to the IRS or do I have to make separate payments?
Submitted: 4 years ago.
Category: Finance
Expert:  Bill replied 4 years ago.
Yes, you would pay your self-employment social security taxes and federal income taxes to the IRS (assuming you are filing Schedule C as a sole proprietor). You would file Schedule SE to calculate the amount of social security taxes. Here is an IRS link which describes the filing requirements - http://www.irs.gov/businesses/small/selfemployed/index.html
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