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Stephanie B.
Stephanie B., Enrolled Agent
Category: Tax
Satisfied Customers: 556
Experience:  MTax, EA, QuickBooks Proadvisor. Over 15 years accounting and tax experience specializing in individual and small business.
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Customer Question

I am self employed. Filed my taxes under the turbotax business dvd...did it take out enough social security tax for me?
Submitted: 3 years ago.
Category: Tax
Expert:  Stephanie B. replied 3 years ago.

Stephanie B. :

Thank you for your question.

In order to determine if your SE tax is accurate, you take the net profit from your Schedule C on line 31 and multiply that number by 92.35%. Take that number by 13.3% and that is the SE tax that should be reported on line 56 of your 1040.

Stephanie B. :

If you need additional clarification, please let me know.

I look forward to your response.

Stephanie

JACUSTOMER-n3ud3u3h- :

I will get my returns and get check...thanks

Stephanie B. :

You are very welcome!