Social Security Taxes

[Wedding Role]

When do you submit your social security taxes? We need to begin to pay them and I did not know if you have to do it quarterly like regular taxes or if you can just do them once per year.

[CCC]

This was taken from the IRS site I hope it helps:
You are a sole proprietor if you are the sole owner of a business that is not a corporation. Report your income and expenses from your sole proprietorship on Form 1040, Schedule C (PDF), Profit or Loss from Business (Sole Proprietorship), or on Form 1040, Schedule C-EZ (PDF), Net Profit from Business.

If the total of your net earnings from self-employment from all businesses is $400 or more, you must pay into the Social Security and Medicare systems by filing Form 1040, Schedule SE (PDF), Self-Employment Tax. Self-Employment tax consists of the Old-Age, Survivors, and Disability Insurance (social security) and the Hospital Insurance (Medicare) taxes. For more information refer to chapter 1 of Publication 334, Tax Guide for Small Business.

The Federal tax system is based on a pay-as-you-go plan. Tax is generally withheld from employees wages or salary before they get it. However, tax is generally not withheld from self-employment income. Thus, you may be required to make estimated tax payments. Publication 505, Tax Withholding and Estimated Tax, provides information on making estimated tax payments.

[sheeba]

If you work for an employer, 6.2% of your wages is withheld and your employer deposits the withholding, along with its 6.2% matching contribution, with the government for the social security programs. In 2008, the employee tax and matching contribution stop after the first $102,000 of wages. Self Cert Mortgage Rates DEAN GRAZIOSI SCAM REVIEW In addition if you work for an employer, 1.45% of your wages is withheld and the employer makes a matching 1.45% contribution to the Medicare program, making the total withholdings at 7.65% (6.2% OASDI and 1.45% Medicare). However, all wages are subject to the Medicare tax; there is no ceiling.

If you are self-employed, you pay 15.3% of your taxable income into the social security and Medicare programs, up to the first $102,000 of income. You continue to pay 2.9% of your taxable income into the Medicare program for your earnings above $102,000. Although the impact on you is greater because you pay twice the rate of employees, you can deduct half of your federal self-employment taxes from your income when it comes time to pay your federal income tax.

[iamjohns]

if i have my own business i have to file Social Security Taxes quarterly ? i know the thread is old but can any one answer me ...

[Bert Seither]

You may need to file quartley. Speak to a tax advisor for free at corporatetaxnetwork.com.

[The Senior]

You should have gotten a packet from the IRS with the necessary forms in it - if not call your local office or go to the IRS website and order a set. If you are a sole prop with no employees they are paid annually - if employees their SS must be paid quarterly - if you are a corp or part must be paid quarterly and just after each pay period set that money aside.

[violet]

Hello friends

If you work as an employee in the United States, you must pay social security and Medicare taxes in most cases. Your payments of these taxes contribute to your coverage under the U.S. social security system. Social security coverage provides retirement benefits and medical insurance (Medicare) benefits to individuals who meet certain eligibility requirements. Your employer deducts these taxes from each wage payment. Your employer must deduct these taxes even if you do not expect to qualify for social security or Medicare benefits.

In general, U.S. social security and Medicare taxes apply to payments of wages for services performed as an employee in the United States, regardless of the citizenship or residence of either the employee or the employer. In limited situations, these taxes apply to wages for services performed outside the United States. Your employer should be able to tell you if social security and Medicare taxes apply to your wages. You cannot make voluntary social security payments if no taxes are due.

Thanks to all friends..