These business owners are self-employed for tax purposes. Instead, they are sole proprietors, partners in partnerships or members of limited liability companies. Yet, most small business owners are not incorporated. Withholding also includes business owners who have formed corporations to own and operate their businesses.
How to pay estimated taxesĮmployees have their income, Social Security and Medicare taxes withheld by their employers and paid the IRS quarterly or monthly. Let's go over what you need to know for paying estimated taxes. Paying quarterly tax payments often trip up self-employed workers. The United States has a "pay as you go" tax system in which estimated tax payments are made to the IRS throughout the year.
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