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Video instructions and help with filling out and completing Form 1040-EZ vs. Form 1040 Schedule Se

Instructions and Help about Form 1040-EZ vs. Form 1040 Schedule Se

Let's have a conversation about Form 1040 Schedule SE, and I'm going to give you line by line instructions. Don't go anywhere, you're going to love today's conversation, I guarantee it. Welcome back, folks, to another edition of the awesome Stuart Kiwi Show. How are you today? I hope you all have been fantastic. I'm doing marvelous. If you ever ask me if you are doing as great as I am, go grab a cup of coffee or tea or vodka, and let's roll. In today's conversation, I will give you Form 1040 line by line from 1040 Schedule SE. Very important line by instructions. But here, if you are here just for the step-by-step, please, you want to fast forward to eight or nine minutes to get to that part of the video. However, if you bear with me, I will give you in the first eight minutes of this video relevant information that will help you file Schedule SE easily. Let's first talk about the let me give you an overview. So when we talk about Schedule SE, we are speaking about self-employment tax, alright? So you file this with Form 1040, 1040 NR, or 1040 SR. And how much is self-employment tax? The amount will be different for each person, but there are rates and limits you can apply to determine how much you need to pay. So, up to $148,000 and $42,800 of your net earnings from self-employment income are taxed at 15.3%, with a 12.4% for social security and a 2.9% for medicare. Alright, this is really important. Net earnings exceeding this amount are taxed at 2.9%, so an additional medicare tax rate of 0.9% applies to self-employment income above a threshold amount. So the maximum social security contribution is $17,707.20, in other words, you...