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Schedule SE - Self Employment Taxes

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Definition:

Schedule SE calculates the amount of self-employment tax owed by a business owner, based on the profit (loss) of the owner's business (sole proprietorship or single-member limited liability company (LLC)) during the year. The self-employment taxes owed based on Schedule SE are for Social Security and Medicare.

The Schedule SE calculation is entered on IRS Form 1040 in two places:

  • Line 27, which reduces Adjusted Gross Income by half of the Self-employment tax amount
  • Line 57, to include the total self-employment tax owed, in addition to personal income taxes.

Read more about filing Schedule SE for 2011

Back to All About Self-Employment and Self-Employment Taxes.

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