Question about quarterly taxes

Discussion in 'The Watercooler' started by klmno, Feb 17, 2010.

  1. klmno

    klmno Active Member

    Ok, I have to do a profit and loss statement and estimate ahead. When I estimate quarterly tax payments, do I include social security and medicare payments for a quarter- or do those just get paid at the end of the year?
  2. DammitJanet

    DammitJanet Well-Known Member Staff Member

    Not sure but I would. Those are the killers.
  3. witzend

    witzend Well-Known Member

    I would leave them out unless you actually intend to pay estimated taxes.
  4. klmno

    klmno Active Member

    Well the bigger dollars go to SS. I'll estimate taxes and leave out the rest for this paperwork that gets sent in- but I know I need to allow for them myself. Thanks!!