This video explains what taxes business owners and independent contractors are required to pay. As an employee you and your employer are required to pay social security and medicare taxes (also known as FICA taxes). Now that you are a business owner, you are both the employee and employer and therefore you are required to pay social security and medicare taxes as an employee and employer. FICA taxes are called self-employment taxes when you are a business owner. You are also required to pay federal income and state income taxes.
Since the U.S. tax system is a pay as you go system, you are required to remit these funds to the IRS each quarter.
If you found this video helpful, please like and subscribe and comment below. You can find a more detailed explanation of these taxes on my blog post here: https://navimarajcpa.com/what-taxes-do-agents-have-to-pay/
