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Self-employment taxes are calculated separately. They are 15.3% of your income from self-employment. They are only reduced by business expenses which decrease your profit.
The standard deduction does not decrease your self-employment tax, it will, however, reduce your regular income tax on your total income including income from self-employment. If you look at your Schedule 4 you will see the Self-Employment tax reported on line 57. It is computed on Schedule SE then appears on line 14 of your 1040.
Self-employment taxes are calculated separately. They are 15.3% of your income from self-employment. They are only reduced by business expenses which decrease your profit.
The standard deduction does not decrease your self-employment tax, it will, however, reduce your regular income tax on your total income including income from self-employment. If you look at your Schedule 4 you will see the Self-Employment tax reported on line 57. It is computed on Schedule SE then appears on line 14 of your 1040.
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