|
|
If you were an IC, then you need to do schedule C (self employed) where you take your deductions from your business gross income. These deductions are completely separate from your personal deductions. If you have absolutely NO deductions, am not sure if you can then just do the SE form to figure out what your your self employment tax is which is your social sercurity. If you do the Schedule C - you then figure what your net income is from your business and pay your 15.75% on your net income which then goes on Schedule 1040 to be added onto your personal income tax. But you should have some deductions, phone, internet, mileage to bank, computer, etc to offset your income.
Patti |
Are you an IC with 1099's - Patti
