Portion of Schedule S.E. (Form 1040) and Portion of Form 1040. Summary: These are portions of Schedule S.E. (Form 1040) and Form 1040 (2004) as pertains to the description in the text.
The completed line
items are:
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Under Portion of Schedule S.E. (Form 1040)
“Section A--Short Schedule S.E.”:
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“2. Net profit or (loss) from Schedule C, line 31; Schedule C-E.Z., 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 S.E.-1 for amounts to report on this
line. See page S.E.-2 for
other income to report” field contains 200,000
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“3. Combine lines 1 and 2” field contains 200,000
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“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 184,700
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“5. Self-employment tax. If the amount on line 4 is: $87,900 or less, multiply line 4 by 15.3% (.153). Enter the result here
and on Form 1040,
line 57; More than $87,900, multiply line 4 by 2.9% (.029). Then, add $10,899.60 to the result. Enter the total here and on
Form 1040, line
57” field contains 16,256
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“6. Deduction for one-half of self-employment tax. Multiply line 5 by 50% (.5). Enter the result here and on Form 1040, line
30” field
contains 8,128
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Under Portion of Form 1040
“Adjusted Gross Income”:
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“28. One-half of self-employment tax. Attach Schedule S.E.” field contains 8,128
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“30. Self-employed, S.E.P., S.I.M.P.L.E., and qualified plans” field contains 14,966
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“33. Add lines 23 through 32a” field contains 23,094
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