I absolutely love these videos. I think that they’re a great resource for remembering the basics, and that they’re also great preparation for explaining these topics to clients that don’t know much about them.
Can you please let us know how to file the end of the year self employed taxes after we pay quarterly taxes? Im confused on how to file social security and medicare taxes, is this to be paid at the end of the year and which website/agency to submit the payment to? The total you tax due you explained in the video os just federal tax?
The Self-employment Tax is the mechanism that the Social Security Administration uses to collect Social Security and Medicare taxes owed by the self employed. It is collected along with your income tax when you file your Federal Income Tax return. Any estimated payments need to take into account any Self-employment Tax and the estimated payments show up you may have on line 26 of Form 1040 and are used to help pay both income tax and Self-employment Tax.
What will happen is that a penalty will be added on to your balance due. The penalty depends on the size of your balance due and how "evenly" you paid your estimated taxes throughout the year.
You can do that if you believe that your withholdings are going to be similar to last year. You must prepay what is on line 24 of last year's 1040, whether it's through withholding or estimated payments.
![Lp. Сердце Вселенной #1 НАЧАЛО ПУТЕШЕСТВИЯ [Новый сезон] • Майнкрафт](http://i.ytimg.com/vi/380Q7gLWGvk/mqdefault.jpg)
I absolutely love these videos. I think that they’re a great resource for remembering the basics, and that they’re also great preparation for explaining these topics to clients that don’t know much about them.
Thanks! I'm glad you like them and are finding them useful
Top of the morning coach!!
Can you please let us know how to file the end of the year self employed taxes after we pay quarterly taxes? Im confused on how to file social security and medicare taxes, is this to be paid at the end of the year and which website/agency to submit the payment to?
The total you tax due you explained in the video os just federal tax?
The Self-employment Tax is the mechanism that the Social Security Administration uses to collect Social Security and Medicare taxes owed by the self employed. It is collected along with your income tax when you file your Federal Income Tax return. Any estimated payments need to take into account any Self-employment Tax and the estimated payments show up you may have on line 26 of Form 1040 and are used to help pay both income tax and Self-employment Tax.
Ok, say i never heard of this until now....what to do if i was supposed to and didnt?
What will happen is that a penalty will be added on to your balance due. The penalty depends on the size of your balance due and how "evenly" you paid your estimated taxes throughout the year.
If you want to make quarterly payments based on 100% of your previous year (to avoid a penalty), is it 100% of what you owed (line 37)?
You can do that if you believe that your withholdings are going to be similar to last year. You must prepay what is on line 24 of last year's 1040, whether it's through withholding or estimated payments.
@@TheTaxGeek - Thank you very much!