Understanding IRS Schedule SE: Self-Employment Tax

Schedule SE calculates the self-employment tax (Social Security and Medicare) owed by self-employed individuals.

Who Needs to File Schedule SE?
  • Individuals with net earnings of $400 or more from self-employment
  • Sole proprietors, independent contractors, freelancers
Key Points
  • Self-employment tax rate is 15.3%
  • Deductible portion of self-employment tax reduces adjusted gross income
  • Accurate income and expense tracking essential
Related Forms
  • Schedule C
  • Form 1040
  • Form 1040-ES

Self-employed?

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