Schedule SE (Form 1040) Self-Employment Tax 2010

Summary: This is an example of Schedule SE (Form 1040) 2010 as pertains to the description in the text. The line items completed are:

Name of person with self-employment income (as shown on Form 1040) field contains John E. White
Social security number of person with self-employment income field contains 011-00-2222
Under Section A--Short Schedule SE:
2. Net profit or (loss) from Schedule C, line 31; Schedule C-EZ, line 3; Schedule K-1 (Form 1065), box 14, code A (other than farming); and Schedule K-1 (Form 1065-B), box 9, code J1. Ministers and members of religious orders, see page SE-1 for types of income to report on this line. See page SE-3 for other income to report field contains 43,850 with an asterisk indicating footnote. Footnote: See attached statement.
3. Combine lines 1a, 1b, and 2 field contains 43,850
4. Net earnings from self-employment. Multiply line 3 by 92.35% (.9235). If less than $400, you do not owe self-employment tax; do not file this schedule unless you have an amount on line 1b field contains 40,495
5. Self-employment tax. If the amount on line 4 is: •$106,800 or less, multiply line 4 by 15.3% (.153). Enter the result here and on Form 1040, line 56, or Form 1040NR, line 54.• More than $106,800, multiply line 4 by 2.9% (.029). Then, add $13,243.20 to the result. Enter the total here and on Form 1040, line 56, of Form 1040, line 54 field contains 6,196
6. Deduction for one-half of self-employment tax. Multiply line 5 by 50% (.50). Enter the result here and on Form 1040, line 27, or Form 1040NR, line 27 field contains 3,098