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Accounting & Bookkeeping & Small Business Forum
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Guest
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| Posted: Sat Aug 14, 2004 12:45 pm Post subject: Re: Social Security |
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So if I understood right, as long as a sole-proprietor pays his estimated income tax and his 1040 every year, his social security will be automatically paid out of that?
Thanks for your help. |
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Guest
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| Posted: Mon Aug 16, 2004 7:46 am Post subject: RE: Re: Social Security |
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| The quarterly payments include ALL tax liabilities. So, when calculating the tax obligations, make sure you allow for the self-employment tax (15.3% FICA) as well. |
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