IRS Form 1040 Schedule SE Walkthrough

If you’re running a side hustle or starting a full business, you need to start filling out IRS Form 1040 Schedule SE (self employed taxes). This form will help you calculate how much you owe in self employment taxes. In addition to this video, please reference the official IRS instructions below 👇

0:00 Start Here!

#smallbusiness #selfemployed #business

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DISCLOSURE: We are not financial advisers. The ideas presented in this video are for entertainment purposes only. Although the information is researched and vetted beforehand, it may not be up to date at the time of viewing. Please do your due diligence and research on the topic. You (and only you) are responsible for the financial decisions that you make.

[ub]

VERY GOOD. I got it. Just finished watching some big guy explaining the same thing and he was ripping the pages so fast- back and forth Excel and his calculation, I was lost before I even started. This dude was going so fast like he was racing you to the finish line. Thanks, for the explanation. A job well done.

[UniversalMysticsOfChrist]

@2:22 OMG!! The horror and stress I went through looking for this answer about what TF line 7 is!!! Not even Chat GPT could answer this! Thank you! I would do some more videos about the exact same things for 2023 except for this time, add YouTube chapter titles to help scroll through faster. Only 3 days left!!

[doingnotdoing]

Thank you for saving me hours of frustration such a helpful video!!

[HangingwithJesus]

Dude, so good. Right to the point. Thank You!
Subscribed.

[charliepapa]

So wait, we ignore line 8? What if the self-employed person also has a standard W2 type job? I'm not a railroad worker, but I do work a regular job and get a W2. Am I not to put the values from boxes 3 and 7 from my W2 form here? Am I not reading that right?

[AlicinChristensen]

BEST EXPLAINER VIDEO BY FAR! Thank you!!

[MartaRC]

Hello - I´m a US citizen living abroad and I have a foreign employer. I usually file the 1040 with the foreign income exclusion form 2555 and I´m super fine as I earn a lot less that the IRS limit. Last year I made the mistake of accepting some freelance work with translation and editing of technical videos with a total amount of 1, 199 dollars... for the whole year! I filed my taxes this year but only included a form called profit and loss from business with my 1040 and the 2555. The IRS wrote me a letter asking for the Schedule 2 form and it´s respective attachments (forms and schedules). I saw your video on the Schedule SE and I got that figured out until the very last line when we apply a 50% discount on the fed and med taxes. I put this number on schedule 1 but I´m not sure what to include on Schedule 2 as Self-employment tax (line 4) and how much I owe the IRS (form 1040 lines 23, 24, 37)? They didn´t say anything about my 1040 form, but in there, I put the full amount without the 50% discount, now I´m not sure what to do. Help!

[artwithjimmy]

Now how do I apply this to my 1040... I have two schedule C incomes that I have entered into one Schedule SE to calculate the tax, Now I'm trying to work out how to put this all into the actual 1040... why can't I find a tutorial on that? Am I just missing it?

[texasRoofDoctor]

Great stuff. These forms are super annoying with all of the "if this, then that" bollix. Thank you for making it easy.

[BenJohnson-rmzu]

I'm confused by the fact that we multiply our income by .9235 in line 4. This leads to an actual SE rate of 14.13% instead of the 15.3% that the IRS claims we are to pay. How do I account for this 1.17% discrepancy? Do I have to write that amount somewhere else?

In your example, 15.3% of $3000 would be $459 in SE taxes, but the actual amount on line 12 is $424. What happened to the other $35?

[pyrese]

Thank you. You are a life saver Bro'

[snowempathic]

I love you…everyone else irritated me..an made it so extra. 😅🙏 Bless.

[SK-zmiu]

Wait, will i need to attach both forms schedule C and SE to my 1040 as a new business owner?

[jdachamp]

Simple and easy breakdown... Thank you very much

[olga_safronova-video]

Thanks a lot! very useful! Is it necessary for me to fill out Form 1040 Schedule SE if I sell digital products through my single member LLC?

[christacastro]

What if I have a sole proprietorship and then I also am in a general partnership for another business? Do I fill out two of these forms? One for my personal taxes on a 1040 and another for the 1065?

[rubygarcia]

Amazing video! Question I am a single member LLC when I file i need to file the Schedule C 1040 form and attach this form that you are showing us to report what I made as the owner is that correct?

[t.rinity.]

What if I didn't make income last year. I formed my sole prop this year, so I don't have prior Schedule C income

[annanuss]

personal fiance teacher in high school shoulda sent a us the link to this vid that's for sure

[morganhicks]

As a partnership, do we need to be filing this form every quarter?