What You Need to Know About Virginia Self-Employment Tax in 2020
1. How much is the self employment tax for Virginia?
The Virginia self employment tax covers Social Security and Medicare payments when you work for yourself. The total is 15.3%, with 12.4% covering Social Security and 2.9% covering Medicare.
2. How much do I owe in self employment tax to the government?
The Virginia self employment tax is established for the tax year. In 2020, the Social Security percentage will be applied to the first $137,700 of your net earnings. The Medicare percentage is applied to all your combined net earnings. Those who file as a married couple will have some differences, for instance you have to pay the tax for your spouse if he/she works for you.
3. When do I have to pay taxes?
The Virginia self employment tax requires quarterly estimated tax payments on:
- April 15th
- June 15th
- September 15th
- January 15th
4. What forms do I need to file taxes?
Virginia self employment tax forms include Form 760, 760PY or 763, which compute an estimated tax liability. The federal requirement is Form 1040-ES, Estimated Tax for Individuals.