•• To be continued… in October 2017••
Schedule SE: Self-Employment Taxes to report the Social Security and Medicare taxes due on the Net Profit from your self-employment.
- Calculating and reporting the tax on line 57
- Adjustment on page 1 of form 1040, line27 – for half SE tax paid
Page 1 Adjustments related to Self-Employment income
- line 27: Deductible part of Self-Employment tax
- flows from the Schedule SE
- line 28: Self-Employment retirement plan deductions
- much more generous than the Regular IRA contribution deduction
- line 29: Self-Employment Health Insurance deduction
- Up to your Net Profit from self-employment then rest to Schedule A
Feel free to comment on these blog posts, or send me an email at Mike@TaxesAreEasy.com
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This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any tax transaction or filing any tax form.