💡IRS Form 1040 Schedule SE is used to calculate self-employment taxes.
📝You need to enter your name and social security number at the beginning of the form.
💰Most people can skip Part 1 of the form if they are not members of the clergy, work for a church, or farmers.
📊Box 2 of the form can be filled by referencing Schedule C line 31 or Schedule K1 box 14.
🧮Line 9 of the form is the total amount subject to social security taxes, which is set by the IRS each year.
Who needs to fill out IRS Form 1040 Schedule SE?
—Anyone who is self-employed and needs to calculate self-employment taxes should fill out this form.
Can I skip Part 1 of the form?
—Yes, most people can skip Part 1 if they are not members of the clergy, work for a church, or farmers.
How do I fill out Box 2 of the form?
—You can fill out Box 2 by referencing Schedule C line 31 or Schedule K1 box 14.
What is Line 9 of the form?
—Line 9 is the total amount subject to social security taxes, which is set by the IRS each year.
How do I calculate self-employment taxes?
—You can calculate self-employment taxes by multiplying Line 9 by 12.4% for social security taxes and Line 6 by 2.9% for Medicare taxes.
00:00In this video, we learn how to fill out IRS Form 1040 Schedule SE to calculate self-employment taxes.
00:28Most people can skip Part 1 of the form if they are not members of the clergy, work for a church, or farmers.
01:31Box 2 of the form can be filled by referencing Schedule C line 31 or Schedule K1 box 14.
02:22Line 9 of the form is the total amount subject to social security taxes, which is set by the IRS each year.
03:59Once you know how much you owe in self-employment taxes, you can figure out your income taxes using other IRS forms.
