A community of 30,000 US Transcriptionist serving Medical Transcription Industry
This is my first year to work solely as an IC. I have been sending quarterly taxes in to the IRS using the form 1040 payment vouchers they supplied. It has just occurred to me that I don't know if any of the money I am sending in is going to Social Security tax. I am not sure how it is allocated. I send in 25-30% of my earnings. Can anyone with more knowledge about this help me understand? Thanks so much!