I'll discuss how QuickBooks Self-Employed (QBSE) calculates your taxes so the data you'll send to TurboTax is accurate, Ray.
Your estimated federal income and self-employment taxes are calculated by applying income tax rates on your total self-employment taxable profit from your business, along with any personal income you reported from other sources. Then, your self-employment tax is determined by applying Social Security and Medicare tax rates to your business taxable profit.
If you wish to know what you can do to get a more accurate estimate, please see the How QuickBooks Self-Employed calculates your taxes section in this article: Automatically estimate your income tax in QuickBooks Self-Employed.
Moreover, when you're ready to transfer your data to TurboTax, you may want to check out this article to guide you on the entire process: Send QuickBooks Self-Employed tax info to TurboTax Self-Employed or Live.
Leave a comment below if you have additional questions about self-employment tax calculations. Thank you, and have a good one.
