Okay we are going to do problem ap6 from chapter 10 and this is about self-employment taxes so web Mrs. Singer owns a profitable sole proprietorship for each of the following cases uses schedule SC form 1040 computer 2010 self-employment tax in her income tax deduction for the tax we have the link have created a link I'm little but also if you're looking at this outside of motor you can go to the IRS thank you gov site, or you just do a Google search for form a SE self-employment tax, and it'll give you this adobe fill in the blank form that you can save, or you can print and works pretty slick so in our first case number a missus singers net profit from the schedule was fifty-one thousand four hundred fifty-eight dollars, and she had no other earned income so in this case we can use because there is no other earned income we can use the short form so on line two we're going to enter our net profit which is fifty-one or 58, and we would have any above lines which we don't have any, so we stick at 51 for 58 next we need to multiply our amount times 0.9 two three five okay, so that's giving us a little base deduction for our self-employment tax, so this is not an Excel form, so you have to do the calculation on the side, so we take 50 1004 58 times 0.9 two three five, and we get 47 521 we take that amount times our 15.3%, and we come out with a tax of 7-2 7-1, so that will be our self-employment tax is going to go on our schedule 10 are our 1040 form we then we get a deduction for that...
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How to prepare Form 1040 (Schedule A)
About Form 1040 (Schedule A)
Form 1040 (Schedule A) is an additional form that taxpayers use to itemize their deductions. The schedule A is used in conjunction with the standard tax return form (Form 1040) to claim expenses and deductions that a taxpayer has to pay throughout the year. Taxpayers who have significant deductions like charitable donations, medical expenses, mortgage interest, or state and local taxes would need to file Form 1040 (Schedule A). The form allows taxpayers to deduct their eligible expenses and lower their taxable income, potentially reducing the amount of tax they owe. It is important to keep accurate records and receipts to document all the deductions claimed on the Schedule A form because they may be audited by the Internal Revenue Service (IRS).
What Is Schedule A?
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