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Thank You! I used that calculator earlier today, but I'm not sure if I'm using it correctly! there's a box for Annual Employer Income already taxed ...which I left blank, as (I Have no other income but Self) and what I calculated is shown on the second image. What exactly of these figures would be my tax payment?
That site only returns the self-employment component of your tax liability ($1371).
If you want to get a more complete picture, try TaxCaster (link below) and enter all of your income, including the net profit from your business (self-employment).
https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
That is exactly what I am needing at the moment! The self employment tax I owe! Could someone tell me what sums on that tax calculator I used above actually apply! ..and what figure do I need to pay? It tells me ...Your total self-employment tax of $1,371 is comprised of $1,111 Social Security tax and $260 Medicare tax. The tax-deductible portion for Form 1040 is $685.
The $1,371 SE tax goes on 1040 line 57.
Half of that ($685) goes on 1040 line 27 as an adjustment to your total income. You don't subtract it from the tax,
You owe the 1,371 SE tax in addition to the regular income tax on your income. You have to fill out all the lines on the 1040 to see what you owe.
Hello and thanks to everyone for their help! Over the last few days I have realized I am going to have to use the normal Schedule C form, and not the EZ form as I previously thought, I did a lot of research on Google for videos which have been helpful for filling out these complex forms, but with 2016 schedule C none of the videos show anything about completing Page 2 of this form! Can anyone direct me to some easy to follow instructions on filling out Page 2, of the 2016 schedule C forms.
@JS3909 wrote:
...I did a lot of research on Google for videos which have been helpful for filling out these complex forms
You can use the IRS instructions at the link below but, frankly, it is one huge, potentially disastrous, mistake to try and prepare a 2016 return with a Schedule C by hand. You really should be using tax preparation software for that purpose.
Where do I enter the business expenses figured on the schedule C-EZ form? ...or do I have to make a decision between using them or the $6300.00 Standard deduction?
Understand that once you have worked through the Business Income & Expenses section, you are done with it, *ENTIRELY*. You will not enter *ANYTHING* pertaining to the business anywhere else in the program. Not ever and with no exceptions. Your business expenses have *NOTHING* what-so-ever in any way, shape, form or fashion, to do with weather you take the standard deduction or itemized deductions. Your business expenses on the SCH C are deduction from your taxable business income *no* *matter* *what* you select pertaining to the standard or itemized deductions.
You *DO* *NOT* include your business deductions claimed on SCH C, on the SCH A for your itemized deductions. There are no exceptions.
If your itemized deductions on SCH A exceed your standard deduction, then the program will *AUTOMATICALLY* select the itemized deductions on SCH A unless *YOU* take physical action to change it. This has nothing what-so-ever to do with the SCH C in any way, form or fashion.
Yes that's true! but it's due to the fact, I'm filing back year forms for 2016
@JS3909 wrote:
Yes that's true! but it's due to the fact, I'm filing back year forms for 2016
OK, but hopefully you are aware that you can still buy TurboTax for the 2016 tax year; that would essentially walk you through all of the steps with which you are apparently struggling.
You don't have the program? Do you have a a full Windows or Mac computer? You can buy the 2016 program. You don't have to buy the highest Home & Business version unless you want the most help, which it sounds like you need. You can just buy Deluxe. All the Desktop programs have the same forms. You just get more help and guidance in the higher versions.
You can buy 2016 here
https://turbotax.intuit.com/personal-taxes/past-years-products/2016
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