Portion of Schedule S.E. (Form 1040) and Portion of Form 1040

Portion of Schedule S.E. (Form 1040) and Portion of Form 1040

Summary: These are portions of Schedule S.E. (Form 1040) and Form 1040 (2004) as pertains to the description in the text. The completed line items are:

Under Portion of Schedule S.E. (Form 1040)"Section A--Short Schedule S.E. Caution. Read above to see if you can use 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. Ministers and members of religious orders, see page S.E.-1 for amounts to report on this line. See page S.E.-3 for other income to report" field contains 200,000
"3. Combine lines 1a, 1b, and 2" field contains 200,000
"4. Net earnings from self-employment. Multiply line 3 by 92.35% (.9235). If less than $400, don't file this schedule; you don't owe self-employment tax" field contains 184,700
"5. Self-employment tax. If the amount on line 4 is: $102,000 or less, multiply line 4 by 15.3% (.153). Enter the result here and on Form 1040, line 57; More than $102,000, multiply line 4 by 2.9% (.029). Then, add $12,648.00 to the result. Enter the total here and on Form 1040, line 57" field contains 18,004
"6. Deduction for one-half of self-employment tax. Multiply line 5 by 50% (.5). Enter the result here and on Form 1040, line 27" field contains 9,002
Under Portion of Form 1040"Adjusted Gross Income":
"27. One-half of self-employment tax. Attach Schedule S.E." field contains 9,002
"28. Self-employed, S.E.P., S.I.M.P.L.E., and qualified plans" field contains 14,898