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Self-Employment Tax (Schedule SE)

Self-Employment Tax (Schedule SE) Use Schedule SE (Form 1040) to figure the tax due on your net earnings from self-employment. The Social Security Administration uses the information from Schedule SE to figure your benefits under...

Illinois NonResident and Part Year Deductible Self-employment Tax

Use the following worksheet to determine the Illinois portion of the deductible self-employment tax: Step 1 / = Illinois portion of self-employment income Total self-employment Income reported on Federal return Illinois...

Who must file a Schedule-SE (Self-Employment Tax) ?

You must file Schedule SE (Self-Employment) if: Your net earnings from self-employment from other than church employee income were $400 or more. If you are in business (farm or non-farm) for yourself, you are self-employed; OR You had...

Illinois NonResident and Part Year Resident Deductible SEP, SIMPLE and other Qualified Plans

Self-employment income included as Illinois Self-employment income Total Self-employment income from Federal return Illinois Self-employment (ISE) decimal ________________________ X _________________________ =...

Illinois NonResident and Part Year Deductible Self-employed Health Insurance

Self-employment income included as Illinois Self-employment income Total Self-employment income from Federal return Illinois Self-employment (ISE) decimal ________________________ X...

What type of business do I have to own to qualify for the Self-Employed Health Insurance Deduction?

your spouse, and your dependents if any of the following applies: You were self-employed and had a net profit for the year. You used one of the optional methods to figure your net earnings from self-employment on Schedule SE. You received...

What are Estimated Taxes?

Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards. You also may have...

General Guidelines for the IRA Deduction

is generally your net earnings from self-employment if your personal services were a material income-producing factor. For more information on IRA's: I was covered by a retirement plan at work. Will this affect the amount of my IRA deduction? Can...

I was covered by a retirement plan at work. Will this affect the amount of my IRA deduction?

If you were covered by a retirement plan ( qualified pension, profit-sharing, 401(k), annuity, SEP, SIMPLE, etc .) at work or through self-employment, your IRA deduction may be reduced or eliminated. This depends on the level of your...

Alabama Itemized Deductions

Itemized Deductions are automatically carried over from your Federal return to your Alabama return with the following exceptions: Federal Self-Employment Taxes - You can deduct the Federal self-employment tax you paid during the year 2014...