I was told that I am now a considered self employed. But I still continue working
My question since my employer stopped paying for my social security insurance.
Where do I pay for my monthly premium for the social security.
thank you
johnny

Hi Johnny,

By "monthly premium", I assume that you're referring to Social Security taxes. The tax on self-employment earnings, which substitutes for the Social Security taxes withheld from wages, is technically payable when you file your tax return. However, to avoid a penalty you may need to file estimated taxes. Estimated taxes are paid on a quarterly basis throughout the year for which you will owe the tax. In other words, you would pay your estimated taxes quarterly during 2020 to cover the taxes you anticipate owing on your 2020 tax return, for which the filing deadline is April 15 2021.

Self-employment taxes and the estimated taxes to cover them are collected by the IRS. My expertise is limited to Social Security benefits, so I can't offer any other advise regarding self-employment and estimated taxes. You may want to refer to the IRS's website for more information: https://www.irs.gov/businesses/small-businesses-self-employed/estimated-....

Best, Jerry