Question by geek: question on paying small business quarterly taxes.?
My husband and i own our own computer repair business as a partnership. When we have to pay the quarterly small business taxes for medicare and ss do we split the income and both pay separately or as one.
How would we do a joint venture. Its a DBA right now
Answer by cainvest1
You each file your tax deposits separately as each of you have Social Security and Medicare obligations and federal taxes if you are making a profit. The partnership merely flows the income/expenses to you in a K-1. It does not pay taxes.
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