Does the self employed package include forms for social security and Medicare tax?

[msofficer8377]

Does the self employed package include the forms for social security and Medicare tax (the SE form), or do those have to be filed independently?

[VolvoGirl · Accepted solution]

Yes, Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment.  You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400.  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  You do get to take off the 50% ER portion of the SE tax as an adjustment on line 27 of the 1040.  The SE tax is already included in your tax due or reduced your refund.  It is on the 1040 line 57.  The SE tax is in addition to your regular income tax on the net profit.

[rjs]

TurboTax Self-Employed includes the form for self-employment tax, Schedule SE. It is part of your income tax return. You don't file it separately. Self-employment tax is the equivalent of Social Security and Medicare taxes for people who are self-employed.