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bella9999
August 2, 2023
Question

Does QuickBooks calculate my FICA withholdings or just income tax?

  • August 2, 2023
  • 1 reply
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1 reply

Candice C
Candice C
August 2, 2023

Hey there, @bella9999. 

 

Welcome to the Community! 

 

QuickBooks will calculate the FICA withholding if you have a payroll program. If not, you'll have to calculate it yourself. 

 

Here's a guide that can provide more information:  Can I pay FICA taxes as a self-employed person? 

 

I hope this helps. I'm only a comment away if you need me. Take care! 

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bella9999Author
August 2, 2023

This was really helpful! I'm still not sure how I should proceed - I'm a realtor and don't use an LLC or S-Corp so I don't receive any 1099's or W-2's. Right now, I'm operating at a loss so I'm not making any profit to treat as wages and I don't owe any income tax but it looks like S/E tax is based on my income (along with my husband's since we file jointly). Will my self-employment tax be automatically calculated with QuickBooks when it integrates into TurboTax or do I need to be doing something within QuickBooks during the year to pay these quarterly (haven't owed any quarterly income taxes yet due to operating at a loss)?

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SirielJeaB
August 2, 2023

We're happy to welcome you back to our Community forum,  bella9999. We understand the importance of accurately tracking taxes within the program.

 

Yes, even if QuickBooks integrates with TurboTax, they are calculated automatically in QuickBooks. QuickBooks Self-Employed keeps track of your self-employment revenue so you can prepare for tax season, and when it's time to file, you can easily export your data to TurboTax Self-Employed.

 

For more detailed information, check out these articles:

 

Automatically estimate your income tax in QuickBooks Self-Employed

Send QuickBooks Self-Employed tax info to TurboTax Self-Employed or Live

 

Moreover, the following articles will help you in handling taxes moving forward: 

 

 

Keep us posted if you have further clarification. We're always looking forward to helping you at any time. Take care, bella9999!

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