Online Taxes   |   Expert Advice  |

E-File your taxes and get real time expert advice

The largest online tax questions and answers database.
Everything about tax deductions and tax credits.

 Tell a friend

   
 

 

Self-Employment Tax


If you have business income, net profit from Schedules C or F, guaranteed payments from a Partnership, or wages from an S-Corporation, you are considered "self employed" and subject to self employment tax (comprised of social security tax equals to 12.4% of the business income up to $106,800 and Medicare tax equals to 2.9% of the business income) , to use it in your tax return, please click here.
 
 
The Internal Revenue Code (IRC) allows you to claim 50% of the self employment tax you are liable for as an adjustment to your adjusted gross income (AGI). The deduction is claimed on Form 1040 Line 27 and must equals to 50% of the amount of self-employment tax reported on Schedule SE and on Form 1040 Line 58.
 
Back to Table of Content   |   Questions About This Topic?
 FILE&ASKTM - your biggest tax refund EVER!
 
 
Tax Questions:     Ask your question

 
How can i get copys of my taxexsif I am self employed i need copies 07 and 08!
Are there any deductions for part time employment?
Can I stop withholding State income tax?
Can Ex-Wife be claimed as dependant?
I became self employed, how do I report that on my taxes?
Professional Tax Preparation Requires The Right Professional For Your Specific Needs
Top 3 Income Tax Preparation Errors
How To Incorporate In The US
W9

 
 
 
list of tax deductions, tax deductions, tax deduction, free tax deduction, free tax deductions, best tax deductions, most common tax deductions
tax credits, tax credit, list of tax credits, free tax credits, free list of tax credits, best tax credits, most common tax credits