IRS Schedule SE (Self-Employment Tax) Schedule C Business - Step-by-Step Instructions

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  • Опубліковано 25 сер 2024
  • IRS Schedule SE is used to report and calculate a taxpayer's self-employment taxes. Under the default method, a taxpayer pays self-employment taxes on their net self-employment earnings.
    There are two optional methods available (the Nonfarm Optional Method and the Farm Optional Method).
    Self-employment taxes are a total of 15.3%, which is 12.4% of Social Security taxes and 2.9% of Medicare taxes.
    In this example, the taxpayer has a Schedule C business and calculates his net SE earnings using the standard method.
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    DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.
    #ScheduleSE #SelfEmployed #Form1040

КОМЕНТАРІ • 2

  • @jl909-nr5vx
    @jl909-nr5vx 5 місяців тому

    I know I will never get an answer...but what the heck...gonna ask anyway! At the bottom of the SE form, it says you "can" cut your FICA taxes by 50%. But............If you made 9k in 2023 and you want to get all 4 of your social security credits (4 for the year) then you can not cut that in half ($6560)...otherwise you will not get the 4 credits because you need to cough up $6560 for the credits....right? I mean if you pay say $4172 ...then you get 2 credits, right?

  • @mohammadalamgir6096
    @mohammadalamgir6096 4 місяці тому

    Cash received $9870 from restaurants and close restaurants where should I entry