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.
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.
The Virginia self employment tax requires quarterly estimated tax payments on:
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.
Bonsai Tax is built exclusively for self-employed workers to track expenses, maximize tax write-offs, and estimate quarterly taxes.
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