Schedule SE (Form 1040) Self-Employment Tax 2011
Summary: This is an example of Schedule SE (Form 1040) 2011 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 instructions for types of income to report on this line. See instructions for other types of income to
report
field contains 43,744 with an asterisk indicating footnote. Footnote: See
attached statement. -
3. Combine lines 1a, 1b, and 2
field contains 43,744 -
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 40,398 -
5. Self-employment tax. If the amount on line 4 is: •$106,800 or less, multiply line 4 by 13.3% (.133). 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 $11,107.20 to the result. Enter the total here and on Form 1040, line 56, of Form 1040, line
54
field contains 5,373 -
6. Deduction for part of self-employment tax. If the amount on line 5 is $14,204.40 or less, multiply line 5 by 57.51% (.5751). If it is more than $14,204.40, multiply line 5 by 50% (.50) and add $1,067 to the result. Enter the result here and on Form 1040, line 27, or Form 1040NR, line
27
field contains 3,090
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