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Ways to Keep Track of Self-Employment Tax for Sole Proprietors

To keep track of your self-employment taxes every year, and to avoid having to pay tax penalties and interest on it, you’ll need to be prepared to maintain accurate books and records and stay on top of all deadlines. This is because the self-employed aren’t subject to tax withholding, but instead must make up to four tax payments each year. Therefore, understanding how to figure out your self-employment tax liability is essential.

Initially, you’ll need to determine whether you even owe self-employment taxes. Self-employment taxes cover the contributions everyone must make to Social Security and Medicare. However, you only have an obligation to make these payments for years you earn $400 or more through self-employment activities.

Next, calculate your estimated self-employment taxes.. When you earn income during the year, the IRS will require that you make up to four estimated tax payments. Each of the payments are based on the cumulative amount of self-employment income you earn as a contractor, or sole proprietor, by the last day of each period the tax payment covers.

Keep records or proof of each estimated self-employment tax payment. It is important that you keep track of each payment you make and retain documents that you can easily access when it’s time to prepare your income tax return. You’ll enter the total payment amount on your tax return (Form 1040) to reduce any outstanding tax balance you owe to the IRS.

Prepare a Schedule SE. At the end of each tax year, you must prepare a Schedule SE attachment to your return to calculate the precise amount of self-employment tax you owe on your final and actual income for the year.. You transfer the final self-employment tax bill to your 1040 and add it to the income tax reported on it. However, the IRS allows you to take a deduction as an adjustment to income for one-half of the self-employment taxes you report on Schedule SE. If the total of your estimated tax payments is less than the total of the self-employment and income taxes you report on the 1040, you’ll need to make a fourth and final payment by April 15 to cover the remaining outstanding balance.

The federal government occasionally reduces the self-employment tax rate on a temporary basis. Therefore, you should always confirm the tax rates for Social Security and Medicare throughout the year to avoid making excessive estimated tax payments. In 2011, for example, the Social Security tax rate is subject to a temporary decrease of 2 percent, but resumes its ordinary rate in 2012.

If you receive employment income in addition to your self-employment earnings, your employer will withhold Social Security and Medicare taxes from your paycheck. To avoid making excessive estimated payments, you should always evaluate your employment withholding when calculating your estimated tax payment.

IRS Reference:
Schedule SE Instructions