Page 35 - SelfEmployment Taxes
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CORONAVIRUS TAX RELIEF FOR
SELF-EM PLOYED INDIVIDUALS PAYING
ESTIM ATED TAXES
- Coronavirus Aid, Relief, and Economic Security (CARES) Act
permits self-employed individuals making estimated tax
payments to defer the payment of 50% of the social
security tax on net earnings from self-employment
imposed for the period beginning on March 27, 2020 and
ending December 31, 2020.
- This means that 50% of the social security tax imposed on
net earnings from self-employment earned during the
period beginning on March 27, 2020, and ending December
31, 2020, is not used to calculate the installments of
estimated tax due.
- Please refer toPublication 505, Tax Withholding and
Estimated TaxPDF, for additional information.
