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HK Tax
HK Tax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 404
Experience:  Partner
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I have my Schedule C and Schedule SE filled out, what are

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I have my Schedule C and Schedule SE filled out, what are procedures for filling out my Form 1040? Do note, in addition to the self-employment, I have W-2 wage earnings.1. Wages, Tips, Other Compensation ... $1900.00
2. Federal Income Tax Withheld: $123.45 (Place Holder)
3. Social Security Tax: $12.34 (Place Holder)
4. Medicare Tax: $12.34 (Place Holder)All "Place Holder" lines haven't been given to me yet by my friend, but they can be used as place holders for now.

on 1040.

 

Line 1, wages will be 1,900

 

line 7a 2,310

7b 4,210

8a 163

8b - 4047

9 - 12200

11a - 12,200

 

the rest will be blank

I'll walk you through 1040 page 2 on the next question. If you can please be quick as I'll have to sign off soon

Customer: replied 18 days ago.
Thank you! I'm ready for the second page.

Would you mind starting a new question for this?

Customer: replied 18 days ago.
Sure no problem. And a side question for the 1040. The standard deduction would cover the self-employment taxes right?

You won't have income tax but you'll owe self employment tax

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