Do I Need to Pay Social Security Taxes with TurboTax?

[ChefBeckyD]

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?

 

[Addie4TLC]

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.

 

[ChefBeckyD]

So if I'm doing Turbo-Tax, and entering in all of my info, it's factoring in SS tax?

 

[janetupnorth]

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.

 

[janetupnorth]

The above is from the SSA site...

Also see:
http://www.irs.gov/businesses/small/article/0,,id=98846,00.html

 

[jrstephens]

I attach that Schedule to my form to pay them in.

 

[Addie4TLC]

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.