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This handy book will guide through best practices to follow when calculating your freelance taxes.
The Florida self employment tax is 15.3%, divided into two parts. The first 12.4% is for Social Security (old-age, survivors, and disability insurance) and the second 2.9% is for Medicare or hospital insurance.
The Florida self employment tax is a set amount depending on the tax year. For 2020, the first $137,700 of your net earnings will be subject to the Social Security portion. All your combined net earnings are subject to the 2.9% Medicare part. There are differences if your spouse is your partner, and if your spouse is your employee, you must pay Social Security and Medicare taxes for him or her.
You must pay taxes on income, including self-employment tax, by making quarterly payments on:
You will use Form 1040-ES, Estimated Tax for Individuals, and your prior year’s tax return. If this is your first year being self-employed, you estimate the amount of income you expect to earn for the year.