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Small business how to pay taxes?
I am a single owner small business, I am trying to learn more about paying may quarterly estimated taxes and self employment tax. Are there any good website with an online calculator to help figure out the numbers? and I understand that if you overpay your regular taxes you get a refund, but when you estimate each quater, what if you overpay on your self-employment tax, do you get that money back?
1 Answer
- troLv 77 years agoFavorite Answer
you determine at the end of each quarter what your anticipated profits will be that you will pay self employment tax each quarter on form 1040ES, April 15, June 15, Sept 15, and Jan 15 next year
there is no designation that this prepayment is self employment or income tax, you are able to claim as paid as(as you do with your withheld income tax from your W-2) and if you have paid enough to cover the se tax and what you expect your income taxes to be, you are doing it right, if you have actually overpaid on the total amount you owe, you will get it refunded
once your SS and Medicare are determined they are not refundable
