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question.jpgIn Federal Income Tax

How do I file and pay my self-employment tax?

If you are required to pay the self-employment tax, you must file your taxes using Form 1040, rather than Form 1040A or Form 1040-EZ. You should first calculate your self-employment income using Schedule C. You can then use Schedule SE to calculate the amount of your self-employment tax. Once you have calculated your self-employment tax, you can deduct half of that tax from your income on Form 1040 (for your 2005 taxes, this is done on Line 27 of Form 1040).