Seems like a very simple question, but there is no direct, clear answer online.
When I pay an estimated tax payment to the IRS (because I'm working freelance with no withholding), does that amount, which I have calculated, include the "self-employment tax" of full social security and Medicare payments?
It's a Masonic-like mystery if that amount includes all my tax liability (aside from NYS estimated tax).
1 Answer from Attorneys
Yes. Compute your estimated tax payments based on all forms of income, as well as self employment taxes.