What is required for self-employed individuals to pay their Social Security taxes?

Self-employed individuals are required to make quarterly estimated payments for their Social Security taxes. This is because they do not have an employer withholding these taxes from their earnings as traditional employees do. Instead, self-employed individuals must calculate their own tax liability based on their net earnings and remit estimated taxes to the IRS four times a year.

Quarterly payments help to ensure that they pay appropriate taxes throughout the year rather than waiting until the end of the year to settle their tax obligations in one lump sum. This estimated payment system is designed to prevent underpayment and ensures that self-employed individuals fulfill their tax responsibilities in a timely manner.