Form 1040-EZ vs. Form 1040 Schedule Se 2017-2023

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 sturdy 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 lion 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 sc easily let's first talk about the let me give you an overview so when we talk about schedule sc we are speaking about self-employment tax all right so you file this with form 1040 1040 nr or 1040sr 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 thousand and forty two thousand eight hundred of your net earnings from self-employment income are taxed at fifteen point three percent with a twelve point four percent for social security and to a two point nine percent for medicare all right 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...