Yes, if you have a profit from your self-employment income, TurboTax calculates your self-employment taxes (Social Security and Medicare) on Schedule SE and also calculates the deduction that goes along with it. The SE tax is on Schedule 2 (Form 1040) line 4. That amount is then transferred to form 1040, Line 23, Other taxes, including self-employment tax, from Schedule 2, line 10. To preview your form 1040, click here.
- If you’re self-employed, you can claim a federal deduction for half the SE tax you pay, which can help lower your taxes.
- The SE tax rate is 15.3% with 12.4% for Social Security and 2.9% for Medicare.
- Where do I find Schedule SE?