Calculating Estimated Taxes: the Nitty Gritty Details

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In this talk, I will cover self-employment taxes and show how the income from your self-employment business flows throughout your individual tax form 1040. This is a complex calculation that this video makes easy! For more business start-up, accounting & tax info, check out our channel or our blog at http://www.utdu.info/theutduchannel/

Schedule C calculates your business income and expenses, for Net Profit or Loss. This amount then flows to Form 1040 Line 12. If the amount is greater than $400, then it also flows to Schedule SE (Self-Employment), which calculates Self-Employment taxes. Self-Employment taxes are first based on only 92.35% of the Net Profit from the business. Then, Social Security tax of 12.4% on the first $117,000 of worker income and 2.9% of Medicare tax is calculated. These two amounts are Self-employment taxes, calculated on Schedule SE Line 12.

On the personal Form 1040, below the income section, Self-Employed taxpayers get a deduction for AGI (Adjusted Gross Income) or one half of the total taxes, which is calculated on Schedule SE line 13 and flows to Form 1040 Line 27. Self-employment taxes are added to your income taxes in the 'Other Taxes' section on line 57. This video shows all of this wonderfully, special thanks to my graphic designer!

This content is from our online video Self-Employed Tax Course. For everything you need to know about self-employed taxes, check out our course! http://www.utdu.info/selfemployedtaxcourse/
Other videos you may enjoy:

Small Business Tax Calculator - https://www.youtube.com/watch?v=iu9XgPCUsNE

Will I Be Penalized For Not Making Tax Payments? - https://www.youtube.com/watch?v=2IzRyAoePi0

Видео Calculating Estimated Taxes: the Nitty Gritty Details канала Business Finance Coach