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Frequently Asked Tax Questions And Answers
Keyword: Schedule SE
4.3 Interest/Dividends/Other Types of Income: 1099–MISC, Independent Contractors, and Self-employed
I work as an independent contractor, but I do not own a business
and do not perform services in the name of a business. Can I file my tax return
without filing Schedule C or Schedule SE?
The income you earn as an independent contractor generally will be considered
income from self-employment and you will need to file Form 1040, Schedule C (PDF), Profit or Loss from Business (Sole Proprietorship),
or you may qualify to use Form 1040, Schedule C-EZ (PDF), Net
Profit from Business. You will also need to file Form 1040, Schedule SE (PDF), Self-Employment Tax, if you had net earnings
from self-employment of $400 or more.
References:
12.2 Small Business/Self-Employed/Other Business : Form 1099–MISC & Independent Contractors
I work as an independent contractor, but I do not own a business and do
not perform services in the name of a business. Can I file my tax return without filing
Schedule C or Schedule SE?
The income you earn as an independent contractor generally will be considered income
from self-employment and you will need to file Form 1040, Schedule C (PDF), Profit
or Loss from Business (Sole Proprietorship), or you may qualify to use Form 1040, Schedule C-EZ (PDF), Net Profit from Business.
You will also need to use Form 1040, Schedule SE (PDF), Self-Employment
Tax, if you had net earnings from self-employment of $400 or more. Since there
is no withholding on your self-employment income, you may need to make quarterly estimated
tax payments. This is done using a Form 1040-ES (PDF), Estimated
Tax for Individuals.
References:
- Form 1040, Schedule C (PDF), Profit
or Loss from Business (Sole Proprietorship)
- Form 1040, Schedule C-EZ (PDF), Net
Profit from Business
-
Instructions for Form 1040, Schedule C
- Form 1040, Schedule SE (PDF), Self-Employment
Tax
- Tax Information for Business
- Form 1040-ES (PDF), Estimated Tax for
Individuals
- Publication 1779 (PDF), Employee Independent Contract
Brochure
- Publication 533, Self Employment Tax
- Publication 505, Tax Withholding and Estimated Tax
- Publication 334, Tax Guide for Small Business
12.8 Small Business/Self-Employed/Other Business : Schedule C & Schedule SE
I am self-employed. How do I report my income and how do I pay Medicare
and social security taxes?
Your self-employment income is reported on Form 1040, Schedule C (PDF), Profit
or Loss from Business, or on Form 1040, Schedule C-EZ (PDF), Net
Profit from Business.
Your Medicare and social security taxes are reported on Form 1040, Schedule SE (PDF), Self-Employment Tax.
As a self-employed person, you pay your Medicare and social security taxes the
same way you pay your income taxes. If you expect to owe less than $1,000 in total
taxes, you can pay them when you file your income tax return. If you expect to owe
$1,000 or more in total taxes, you will need to make estimated tax payments. These
payments are made quarterly using Form 1040-ES (PDF), Estimated
Tax for Individuals. You will need to figure these taxes at the beginning of
the year. To learn about figuring and making estimated tax payments, please refer
to Publication 505, Tax Withholding and Estimated Tax.
References:
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