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Do I Need to Pay Social Security Taxes with TurboTax?

In summary, self-employed people must report their earnings and pay their taxes directly to IRS. You can use Turbo Tax to generate the form and pay your taxes.
ChefBeckyD
Gold Member
20,376
Okay - you may think I am really a ditz...but I'm doing taxes, and DH just asked me what I do about SS taxes - and I haven't been doing anything. I asked my director, and she has been doing PC for 12 years, and says she doesn't pay them either.....but now, DH has me worried, so I'm wondering, what do you all do about them?
 
Not sure but don't you have to pay them only when you have a profit, it is calculated automatically on your tax return when you do the long form. The tax program automatically generates the form and you pay it then or it comes out of your withholding.
 
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So if I'm doing Turbo-Tax, and entering in all of my info, it's factoring in SS tax?
 
ChefBeckyD said:
So if I'm doing Turbo-Tax, and entering in all of my info, it's factoring in SS tax?

Self-employed
Most people who pay into Social Security work for an employer. Their employer deducts Social Security taxes from their paycheck, matches that contribution and sends taxes to the Internal Revenue Service (IRS) and reports wages to Social Security. But self-employed people must report their earnings and pay their taxes directly to IRS.

You are self-employed if you operate a trade, business or profession, either by yourself or as a partner. You report your earnings for Social Security when you file your federal income tax return. If your net earnings are $400 or more in a year, you must report your earnings on Schedule SE, in addition to the other tax forms you must file.

If you and your husband operate a business together, you are entitled to receive Social Security credits as a partner. Be sure to file a separate Schedule SE, even though you and your husband file a joint income tax return. If you do not file a separate self-employment report, you will not get Social Security benefits from your own work, because all of the earnings will be reported on your husband’s record.
 
The above is from the SSA site...

Also see:
http://www.irs.gov/businesses/small/article/0,,id=98846,00.html
 
I attach that Schedule to my form to pay them in.
 
ChefBeckyD said:
So if I'm doing Turbo-Tax, and entering in all of my info, it's factoring in SS tax?
Yes, what Janet said. Turbo Tax would automatically generate the form showing your earned profit. You pay your share and the share an employer would pay, so it's a little more. Good thing is all your expenses deducted it's not so much.
 

Related to Do I Need to Pay Social Security Taxes with TurboTax?

1. What are Social Security taxes?

Social Security taxes, also known as Federal Insurance Contributions Act (FICA) taxes, are payroll taxes that are paid by employees and employers to fund the Social Security program. These taxes are used to provide retirement, disability, and survivor benefits to eligible individuals.

2. How much do I pay in Social Security taxes?

The current Social Security tax rate for employees is 6.2% of their gross income, up to $142,800 for the year 2021. Employers also contribute an additional 6.2%, making the total contribution 12.4%. Self-employed individuals are responsible for paying the full 12.4%.

3. Do all workers have to pay Social Security taxes?

In general, all workers in the United States are required to pay Social Security taxes. This includes employees, self-employed individuals, and certain government employees. However, there are some exceptions, such as certain religious groups and non-resident aliens.

4. Can I opt out of paying Social Security taxes?

No, you cannot opt out of paying Social Security taxes. These taxes are mandatory for most workers and are used to fund the Social Security program. However, there are certain exemptions for certain religious groups and non-resident aliens.

5. What happens to the money paid in Social Security taxes?

The money collected from Social Security taxes goes towards funding the Social Security program, which provides retirement, disability, and survivor benefits to eligible individuals. The taxes are used to pay current beneficiaries, with any excess funds being invested in a trust fund for future use.

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