TN Form 1040 (Schedule Se) 2024-2025

TN Form 1040 (Schedule Se): What You Should Know

Financial Institution Classification Statement (06/18) — TN.gov Line 3e on Form TT FAS 114 — Excise Tax (06/18) — TTB-104 Line 4 and 4b on federal Form 1040, Schedule C are not the same and must be calculated differently. To figure the tax based on Line 4, Line 4b on Schedule C must be zero. The TT does not have a section titled “Forms 1040 or 1040A” on the FAS website.  A Schedule SE is available online for filing under Section 6166 of the Dodd-Frank Act. To calculate tax on Schedule SE, use self-employment tax rate and the income earned as defined in your state. If the business entity is from a foreign country not exempt from income tax in the U.S., such as a state or province of Canada, or from the U.S., the business entity would pay excise tax based on the average tax rate in its state and/or province. The Tax Accounting Manual, Publication 715, Volume 1 shows that the estimated tax on Schedule SE is 0.064%. Line 1a on Schedule S is the self-employment tax rate, shown on your state return.  If you operate a for-profit business (business owner) in the U.S., the federal excise tax on these earnings is 1.4% in income tax and 0.9% in employment tax, and you must withhold the correct amount from your employee's pay. See Publication 17 (U.S. Tax Guide for Tax Years 2025 and 2016) For purposes of the self-employment tax, “net earnings” from self-employment must include all income, whether it has been previously subject to U.S. self-employment tax.  Section 6166 of the law exempts the foreign earned income exclusion and foreign housing exclusion, as well as the net earnings from self-employment for foreign persons.  Section 955, however, makes it unlawful for U.S. persons to exclude their foreign earned income from income taxation. Generally, a self-employed owner (SM entrepreneur) may exclude only a specified income from his income for income tax purposes unless a lower rate applies. For example, an SM entrepreneur is not allowed to claim a foreign housing exclusion for rental income even if this income is excluded from gross income under Section 91(a)(1)(B)(ii).

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