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Old 01-14-2007, 12:55 AM
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Question on 1040 ES

What is the name of your state? Florida

I calculated my estimated Tax after staying up most of Friday night to finish by the 16th. To my relief, I do not owe estimated taxes. Now the question, I calculated my estimated taxes. How come I am not paying a quarterly tax for being selfemployed? I thought the quarterly tax was to pay the Fed for Social Security and Medacare? Is this not what they take out when you W-2? I must be missing something. Don't get me wrong I do not mind not have to pay anything to the Fed. The IRS makes filling out taxes confusing and when you do not have to pay it is still confusing.
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Old 01-14-2007, 09:07 AM
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Join Date: Mar 2006
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On the 2006 form the self-employed tax is estimated on line 11 of the 1040-es.
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