Get 2024 Schedule Se (form 1040). Self-employment Tax

Filling out the 2024 Schedule SE is crucial for individuals with self-employment income to calculate their self-employment tax accurately. This guide provides a straightforward overview with step-by-step instructions tailored to assist users of all experience levels.

Follow the steps to complete your Schedule SE form effectively.

1. Click ‘Get Form’ button to obtain the form and open it in your editor.
2. Enter the name of the person with self-employment income as shown on your Form 1040.
3. Provide the Social Security number of the individual with self-employment income.
4. In Part I, report your net farm profit or loss from Schedule F, line 34, in line 1a. If you have contributions from farming partnerships, include those amounts as well.
5. If applicable, enter any Conservation Reserve Program payments related to social security benefits on line 1b.
6. For non-farm income, enter the net profit or loss from Schedule C on line 2.
7. Combine the totals from lines 1a, 1b, and 2. Enter the sum on line 3.
8. If the amount on line 3 is more than zero, multiply it by 92.35% and enter it on line 4a. If it's zero or less, simply copy it as-is.
9. If you've elected optional methods, follow the instructions to report those amounts on line 4b.
10. Add line 4a and line 4b to complete line 4c. If the result is less than $400, you do not owe self-employment tax.
11. If you have church employee income, enter that amount in line 5a and multiply it by 92.35% for line 5b.
12. Total lines 4c and 5b, entering the result on line 6.
13. Follow the fields related to social security wages from lines 8a, 8b, and 8c to complete lines 8d and 9.
14. Calculate the self-employment tax: multiply the smaller value from line 6 or line 9 by 12.4% for line 10, and line 6 by 2.9% for line 11.
15. Add lines 10 and 11 to find your total self-employment tax and enter that amount on line 12.
16. Finally, calculate the deduction for half of the self-employment tax by multiplying line 12 by 50% and entering it on line 13.
17. Once completed, save changes, download the document, or print it for submission.

Complete your 2024 Schedule SE form online to ensure accurate reporting of your self-employment tax.