Cassey Hollinghurst: After you calculate the SE tax, you carry that over to the 1040 as tax due. You also carry half of it as an subtraction from your income, not an itemized deduction.
Maritza Ebanks: on the Sch SE you enter the amount of your net from the Sch C, multiply that by .9235 and when you get that amount, then multiply that by .153, this is your self employment tax
Angel Klym: Calculation for SE: (Net Income x 92.35%) x 15.3% = tax. Income Tax is figured on your net profit + other income - 1/2 SE tax - other adjustments = AGI. AGI - standard or itemized deduction - personal exemption(s) = taxable income.
Imogene Neiswander: You would fill out the 1040 schedule C first, then schedule SE, then 1040.You will owe both SE tax and income tax.On 50K, the SE tax is around $7065.
Rayford Speziale: They are separate. If your net income is exactly $50k, then your self-employment tax will be exactly 15.3% of that. Impossible to say what you fede! ral and state income tax will be. You'll get your personal exemption plus the standard or itemized deduction against your federal income, plus other deductions or tax credits we have no way of knowing about.
Idell Syed: you can either pay a CPA for his/her time and have them answer your questions or look at the IRS website; you may have to look at several areas there, but they should have answers for you
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