Schedule SE (Form 1040) Self-Employment Tax 2005. Summary: This is an example of Schedule SE (Form 1040) 2005 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. Michaels
|
|
“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. Ministers and members of religious orders, see page SE-1 for amounts to report on this
line. See page SE-2 for
other income to report” field contains 44, 225 Footnote: See Attached Statement
|
|
“3. Combine lines 1 and 2” field contains 44,174
|
|
“4. Net earnings from self-employment. Multiply line 3 by 92.35% (.9235). If less than $400, do not file this schedule; you
do not owe
self-employment tax” field contains 40,795
|
|
“5. Self-employment tax. If the amount on line 4 is: $90,000 or less, multiply line 4 by 15.3% (.153). Enter the result here
and on Form 1040,
line 58. More than $90,000, multiply line 4 by 2.9% (.029). Then, add $11,160.00 to the result. Enter the total here and on
Form 1040, line
58.” field contains 6,242
|
|
“6. Deduction for one-half of self-employment tax. Multiply line 5 by 50% (.5). Enter the result here and on Form 1040, line
27” field
contains 3,121
|
|
