If you are Self-employed are you withholding your taxes?

So you are self-employed, and, your income is not being reported to the IRS on a W2 but on a 1099-MISC form, which means that neither federal income tax or self-employment taxes are being withheld from your checks, and it also means that you are responsible for getting those funds over to the IRS on a regular basis, quarterly in fact.  Basically, you are required to pay

Where did 2% of Your Income go?

So I keep seeing articles and reports on how the payroll tax has been hiked by 2%, and I wonder why it is being reported as such, because it isn't a tax hike, it is a return to the rate that we had before.   The rate for payroll taxes has been 6.2 % for many years, since 1990.  The decrease to 4.2% was a temporary measure for 2011 and 2012.   The administration in an effort to increase workers take home pay, during a weak economy, reduced the payroll tax by 2%, so instead of those funds going towards social security which is where they normally go, they came home with you. 

Don't Leave Money on the Table

In these economic times, leaving money on the table is not an option.
Please remind your families, friends and people who are needy in neighborhoods that your churches may serve, people who may not have families to care for them, that the deadline to file a 2007 return to qualify for the Economic Stimulus Package, is October 15th. Many people who do not normally have to file a return believe that they are ineligible for the Stimulus Package, but that is not so. The average payment is $600 ($1200 for married couples), plus $300 for each child (must be under age 17 as of December 31st 2008), who also qualifies for the Child Tax Credit.