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Do I pay social-security back at the end of the year as a sub-contractor?

I am currently working as a sub-contractor using a 1099 tax form. I know that at the end of the year, I will pay back federal & state tax, but NOT medicare. Will I have to pay back social security or is that only for employees using a W2?

Public Comments

1. Yes, you need to file schedule SE for self-employment tax which is the equivalent of SS. You can use the free self-calculating schedule SE available at pdftax.com to figure how much this will be. TaxRef pdftax.com
2. As a self-employed person, you will have to file a schedule C, if you have a profit of more than $400, you must file a sched. SE and will have to pay Social Security and Medicare tax. An employee only has to pay half of those amounts and the employer pays the other half...you will have to pay the entire amount.
3. You should have been making quarterly payments through the year for federal an state income tax, social security AND medicare. If you didn't, then yes you'd owe all of them when you file. Where did you hear you aren't required to pay into medicare?