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Rev. White’s Filled-in Schedule SE (Form 1040), Self-Employment Tax

Rev. White’s Filled-in Schedule SE (Form 1040), Self-Employment Tax

Summary: This is an example of 2017 Schedule SE (Form 1040) as pertains to the description in the text. The line items completed are:

"Name of person with self-employment income (as shown on Form 1040 or Form 1040NR)" field contains John E. White
"Social security number of person with self-employment income" field contains 011-00-2222
Before you begin: To determine if you must file Schedule SE, see the instructions.
Under "Section A--Short Schedule SE":
"2. Net profit or (loss) from Schedule C, line 31; Schedule C-EZ, line 3; Schedule K-1 (Form 1065), box 14, code A (other than farming); and Schedule K-1 (Form 1065-B), box 9, code J1. Ministers and members of religious orders, see instructions for types of income to report on this line. See instructions for other types of income to report" field contains 43,736 with an asterisk indicating footnote. Footnote: See attached statement.
"3. Combine lines 1a, 1b, and 2" field contains 43,736
"4. Net earnings from self-employment. Multiply line 3 by 92.35% (0.9235). If less than $400, you do not owe self-employment tax; don’t file this schedule unless you have an amount on line 1b" field contains 40,390
"5. Self-employment tax. If the amount on line 4 is: •$127,200 or less, multiply line 4 by 15.3% (.153). Enter the result here and on Form 1040, line 57, or Form 1040NR, line 55" field contains 6,180
"6. Deduction for one-half of self-employment tax. Multiply line 5 by 50% (0.50). Enter the result here and on Form 1040, line 27, or Form 1040NR, line 27" field contains 3,090