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How to File a Tax Return if Self Employed

How does the self employment tax work?

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Art Auerbach
Tax Director, Goodman & Company, LLP
http://www.goodmanco.com/  

Serving clients since 1932, Goodman & Company brings 75 years of knowledge and experience to the demands of today's ever-changing business environment. Throughout the past 75 years, we've never strayed from our mission-to provide each client with personal, high-quality service using the most up-to-date technology and resources.

How does the self employment tax work?

Basic information to prepare an individual income tax return, Form 1040 and the basic schedules. This video is designed for those individuals who want to undertake the preparation of their tax return. There are tips and pointers for those who have attempted this feat in prior years.

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Host: How does the self-employment tax work?

Aurthur Auerbach: Self-employment tax is how a self-employed individual pays in into the Social Security System. If you have a profit and the net result of net income on your Schedule C that number carries to form 1040 SE for self-employed, you calculate there the amount of contribution, you write that check, you pay that in addition to your normal income tax and that is how you build your credits as a self-employed individual to the Social Security System. It's pretty simple, profit on Schedule C, carry that number to 1040 SE, if you are using a tax program and you have bought one of the commercial programs, they should automatically do this for you.

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