The Georgia self employment tax is made up of two parts, for a total of 15.3%. The Social Security portion is 12.4%, which includes social security, old-age, survivors, and disability insurance. The Medicare or hospital insurance portion is 2.9%.
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The Georgia self employment tax is also paid in two parts. The Social Security amount is applied to an established earnings amount, which in 2020 will be the first $137,000 of your earnings. The Medicare percentage is applied to all your combined net earnings. If you have a partnership with a spouse, or your spouse works for you, there are some different filing requirements.
You are required to pay Georgia self employment tax quarterly or face a penalty. The quarterly estimated tax payments must be made on:
To pay your Georgia self employment tax quarterly, you will use Form 1040-ES, Estimated Tax for Individuals. To file your annual tax return, you will use Schedule SE (Form 1040 or 1040-SR ), Self-Employment Tax to report your Social Security and Medicare taxes.