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The self-employment tax rate is 15.3%. The rate consists of two parts: 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).
How is SE income calculated?
Find your net profit before taking exemptions or paying taxes (from Schedule C of your tax return) for the two most recent years you filed taxes. Add these two figures together. Divide the total by 24.
What income is subject to self-employment tax?
You usually must pay self-employment tax if you had net earnings from self-employment of $400 or more. Generally, the amount subject to self-employment tax is 92.35% of your net earnings from self-employment.
What is not included in self-employment income?
Income earned as a sole proprietor, independent contractor, or as part of a partnership is considered self-employment income by the IRS. Earnings for which you receive a W-2 are not considered self-employment income.
Do I fill out Schedule C or Schedule SE?
Who Must File Schedule SE. You must file Schedule SE if: The amount on line 4c of Schedule SE is $400 or more, or. You had church employee income of $108.28 or more.
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The net income information on Schedule C is used to determine the amount of self-employment tax you owe (for Social Security and Medicare taxes). Schedule SE is used to calculate the self-employment tax amount.
What kind of income is not subject to self-employment tax?
Other Income Not Subject to Self Employment Tax Participation in a drug trial or clinical study that paid one time. Hobbies that include creation and patenting of inventions, when done occasionally. Occasional leasing of a commercial permit to another party with intention to return to using the permit when able.
Related links
Understanding Taxes - Simulations - Internal Revenue Service
Rita BentleySimulation 14A: Using Form 1099-INT to Complete Schedule C-EZ, Schedule SE, and Form 1040. Belinda RussellSimulation 7B: Completing a Tax Return ...
About Schedule SE (Form 1040), Self-Employment Tax
Use Schedule SE (Form 1040) to figure the tax due on net earnings from self-employment. The Social Security Administration uses the information from ...
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