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Is a Schedule SE Required When a Schedule C Is Filled Out?

The IRS uses the Schedule SE form to calculate and report the self-employment taxes non-employees are liable for paying. Although all taxpayers pay these taxes that fund the Social Security and Medicare programs, a Schedule SE is unnecessary when you are employed since your employer must withhold these taxes from your salary. But if you are a sole proprietor or freelancer who reports income on Schedule C, you’ll need to file the Schedule SE as well.

Who Pays Self-Employment Tax

All taxpayers who earn money from a business that they operate as a sole proprietor, including those who earn income through contract work, must report the earnings and deductions on Schedule C, or Schedule C-EZ if annual expenses are $5,000 or less and you don’t have employees. However, Schedule C forms are only necessary if you earn at least $400 during the tax year from self-employment activities, even if you also report other employment earnings. Both schedules require that you separately calculate your taxable self-employment earnings before you transfer the amount to the “business income” line of your 1040. When calculating your net earnings, the IRS lets you deduct expenses related to your business or freelance activities.

Prepare Schedule C First

If the IRS requires that you file a Schedule C or C-EZ for self-employment earnings, you then need to file a Schedule SE as well. Before starting a Schedule SE, it’s essential that you complete your Schedule C first. This is because Schedule SE calculates your self-employment tax using the net earnings you compute on Schedule C. Once you arrive at your self-employment tax bill, you report the amount on your 1040 form and pay it with your income taxes.

Self-Employment Tax Rates

As of 2012, the self-employment tax you’ll pay is 12.4 percent on the first $110,100 of income for the Social Security portion and 2.9 percent on an unlimited amount of self-employment earnings for Medicare. One thing to note is that if you report both employment and self-employment income on your tax return, and your employment earnings are at least $110,100, you only have to pay the Medicare portion (2.9%) when preparing your Schedule SE.

When working as an employee, however, you only have to pay half the tax that self-employed individuals do since employers pay the other half. As a result, the IRS lets self-employed taxpayers take a deduction for approximately one-half of their self-employment tax bill as an adjustment to income on page one of the 1040.

Reference: Self-Employment Tax (Social Security and Medicare Taxes)