We're going to fill out Schedule SC. The form is used to calculate self-employment tax. Let's start from the top, as with all forms, by entering the taxpayer's name and social security number. In our example, the only applicable income comes from a Schedule C business, so we will enter that amount on line two. On line three, we add up all types of self-employment income and slightly reduce the total by the specified percentage on the form. This resulting number is used to calculate the tax, which is entered on line five. The tax amount is then carried over to page two of the 1040. Half of this calculated tax amount goes on line six and serves as an adjustment income on the first page of the 1040. Now that you have learned how to complete this process, wouldn't it be easier to let us do it for you? This content is brought to you by Wiesen Bergen Company.
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