Self Employment Tax Ohio
May 19th, 2008
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Question: Estimated Tax?
My mom has a small business or is self employed and since her 2 clients dont take out taxes when they pay her she set up something where she pays $250.00 to federal quarterly and $80.00 to state quarterly (Ohio if that matters at all). And on the 1040 form the software I am using has put on line 27 (One-half of self employment tax.) $281.00 then on like 64 (Federal income tax withheld from forms w-2 and 1099) $425.00 then on line 65 (2007 Estimated Tax Payments and amount applied from 2006 return) $1,000.00 I wanted to make sure that this sounded right to someone because I have no clue.
Answer: I think you got it right... assuming she does not have a carryover of overpayment from 2006.
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