Self-employed individuals know they need to pay income taxes on their business earnings. However, another crucial tax obligation is self-employment tax, which funds Social Security and Medicare.

Plan contributions are deducted on Form 1040, Schedule 1 ... You'll need to fill out Schedule SE to calculate your self-employment tax, which includes a calculation for the deduction.

Although every situation is unique, it never hurts to review the basics to ensure you're approaching your self-employed ... Form 1040-ES. However, if you don't keep up with your estimated tax ...