QB SE Tax settings: How do I enter Social Security and pension 1099 income to get the correct tax estimate?
QB SE Tax settings do not include a way to input 1099 income from Social Security and retirement accounts. The QB SE quarterly estimate I see for this quarter barely covers the self employment tax of 15.3%. It is clearly lower than it should be for combined self employment tax (15.3%) AND Federal tax. Based on the QB SE estimated quarterly tax, the Federal tax rate calculates to be 8.1%. That seems really low to me. Should be 12% or 24% for the combined annual income (self employed + 1099 retirement accounts). What am I missing? OBTW, to get the Federal tax as high as 8.1%, I had to select "Itemized" and enter zero. Clearly need to show the "other" 1099 income somewhere.