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Where do I contribute money into my social security for a 1099 I received
is there a form se to file for a 1099
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June 7, 2019
3:21 PM
last updated
June 07, 2019
3:21 PM
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Where do I contribute money into my social security for a 1099 I received
Yes. Turbo Tax automatically includes Schedule SE for the self employment tax if you have a Net Profit on Schedule C.
But You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version. How to enter income from Self Employment https://ttlc.intuit.com/replies/4801198
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 1040 Schedule 1 line 27. The SE tax is already included in your tax due or reduced your refund. It is on the 1040 Schedule 4 line 57 which goes to 1040 line 14. The SE tax is in addition to your regular income tax on the net profit.
But You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version. How to enter income from Self Employment https://ttlc.intuit.com/replies/4801198
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 1040 Schedule 1 line 27. The SE tax is already included in your tax due or reduced your refund. It is on the 1040 Schedule 4 line 57 which goes to 1040 line 14. The SE tax is in addition to your regular income tax on the net profit.
June 7, 2019
3:21 PM
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Where do I contribute money into my social security for a 1099 I received
June 7, 2019
3:21 PM
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