I am an unmarried individual with no children.
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Any profit from your Schedule C Profit or Loss from Business is taxed at 15.3%. The Social Security would be taxed at 6.2 and the Medicare at 1.45% were you an employee. These amounts would be withheld on your W-2 every pay period. Since you are, in a way, both employer and employee, these amounts are doubled on your Schedule SE.
Any profit from your Schedule C Profit or Loss from Business is taxed at 15.3%. The Social Security would be taxed at 6.2 and the Medicare at 1.45% were you an employee. These amounts would be withheld on your W-2 every pay period. Since you are, in a way, both employer and employee, these amounts are doubled on your Schedule SE.
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