Box 3 of your W-2 may be higher than box 1 (taxable wages) if you defer income into a 401K, etc. Box 3 is wages subject to social security tax.
Self-Employment Income
Business mileage deduction uses the standard mileage rate of
70ยข per mile.
Your standard mileage deduction is
$0 .
Estimated SE Tax
Wages Subject to Social Security Tax$0
Schedule C Net Profit$0
SE Earnings$0
SE Earnings Subject to Social Security$0
Social Security Tax$0
SE Earnings Subject to Medicare$0
Medicare Tax$0
Total SE Tax (SSA/Medicare)$0
Recommended Quarterly Estimate$0
Penalty if No Estimates Paid (est.)$0
Guidance
To help cover your self-employment taxes (social security and medicare tax), consider making estimated tax
payments of approximately
$0
each quarter.
Standard federal estimated tax due dates are generally:
April 15
June 15
September 15
January 15 (Dec 31 is better)
Estimated payments, however, can be made anytime during the year (up to about January 31 after the tax year),
and late-year catch-ups of missed estimates may still help reduce penalties.
Multiple quarterly estimates may be combined into a single payment. The due dates and amounts are merely recommendations for planning to avoid penalties.
Federal estimates may be paid online at
IRS.gov/payments
.
Failure to make sufficient estimated payments may result in
underpayment penalties. The penalty shown above is a close estimate only for SE taxes. Underpayment penalties would also apply to income tax owed. This estimator does not account for less common Additional Medicare Tax, or rare special SE tax rules. Remember, your taxable income is also subject to income tax in addition to any SE taxes.