PLUFO Homework eBook Calculator A If you are a minister, member of a religious order, or Christian Science practitioner and you filed Form 4361, but you had $400 or more of other net earnings from self-employment, check here and continue with Part I. la Net farm profit or (loss) from Schedule F, line 34, and farm partnerships, Schedule K-1 (Form 1065), box 14, code A. Note: Skip lines 1a and lb if you use the farm optional method (see Instructions)... b If you received social security retirement or disability benefits, enter the amount of Conservation Reserve Program payments included on Schedule F, line 4b, or listed on Schedule K-1 (Form 1065), box 20, code AH. Net profit or (loss) from Schedule C, line 31; and Schedule K-1 (Form 1065), box 14, code A (other than farming). Ministers and members of religious orders, see instructions for types of income to report on this line. See instructions for other income to report. Note: Skip this line if you use the nonfarm optional method (see instructions)... Combine lines 1a, 1b, and 2. 156,400 3 156,400 4a 144,435 4a I line 3 is more than zero, multiply line 3 by 92.35% (0.9235). Otherwise, enter amount from line 3. Note: If line 4a is less than $400 due to Conservation Reserve Program payments on line 1b, see instructions. b If you elect one or both of the optional methods, enter the total of lines 15 and 12 here.... c Combine lines 43 and 4b. If less than $400, stop, you don't owe self-employment tax. Exception. If less than $400 and you had church employee income, enter -- and continue 5a Enter your church employee income from Form W-2. See Instructions for definition of church employee income... 144,435 144,435 b 6 7 Multiply line Sa by 92.35% (0.9235). If less than $100, enter -0.... Add lines 4c and 5b .... Maximum amount of combined wages and self-employment earnings subject to social security tax or the Check My Work Chapter 6 Homework eBook Calculator b Multiply line 5a by 92.35% (0.9235). If less than $100, enter-O- 6 Add lines 4c and 5b ......... 144,435 7 Maximum amount of combined wages and self-employment earnings subject to social security tax or the 6.2% portion of the 7.65% railroad retirement (tier 1) tax for 2019. 132,900 Sa Total social security wages and tips (total of boxes 3 and 7 on Form(s) W-2) and railroad retirement (tier 1) compensation. If $132,900 or more, skip lines 8b through 10, and go to line 11... 16,100X b Unreported tips subject to social security tax (from Form 4137, line 10) c Wages subject to social security tax (from Form 8919, line 10)... d Add lines 8a, 8b, and Bc.. 11,826 X 9 Subtract line 8d from line 7. If zero or less, enter -0. here and on line 10 and go to line 11. 10 Multiply the smaller of line 6 or line 9 by 12.4% (0.124) 16,100 x 14,483 x 3,388 x 17,871 x 11 Multiply line 6 by 2.9% (0.029).. 12 Self-employment tax. Add lines 10 and 11. Enter here and on Schedule 2 (Form 1040 or 1040-SR), line 4, or Form 1040-NR, line 55.. 13 Deduction for one-half of self-employment tax. Multiply line 12 by 50% (0.50). Enter the result here and on Schedule 1 (Form 1040 or 1040-SR), line 14, or Form 1040-NR, line 27. 27 13 8,936 x Part II Optional Methods To Figure Net Earnings (see instructions) Farm Optional Method. You may use this method only if (a) your gross farm income' wasn't more than $7,920, or (b) your net farm profits? were less than $5,891.. 14 Maximum income for optional methods .... 5,440 15 Enter the smaller of two-thirds (2/3) of gross farm income! (not less than zero) or $5,440. Also include Check My Work Section A-Short Schedule SE. Caution: Read above to see if you can use Short Schedule SE. la Net farm profit or loss) from Schedule F, line 34, and farm partnerships, Schedule K-1 (Form 1065), box 14, code A...................... . b If you received social security retirement or disability benefits, enter the amount of Conservation Reserve Program payments included on Schedule F, line 4b, or listed on Schedule K-1 (Form 1065), box 20, code AH 2 Net profit or loss) from Schedule C, line 31; and Schedule K-1 (Form 1065), box 14, code A (other than farming). Ministers and members of religious orders, see instructions for types of income to report on this line. See instructions for other income to report .. 3 Combine lines 1a, 1b, and 2.. 4 Multiply line 3 by 92.35% (0.9235). If less than $400, you don't owe self-employment tax; don't le this schedule unless you have an amount on line 1b ......... ..................... Note: If line 4 is less than $400 due to Conservation Reserve Program payments on line 1b, see Instructions. Self-employment tax. If the amount on line 4 is: $132,900 or less, multiply line 4 by 15.3% (0.153) Enter the result here and on Schedule 2 (Form 1040 or 1040-SR), line 4, or Form 1040-NR, line 55. . More than $132,900, multiply line 4 by 2.9% (0.029). Then, add $16,479.60 to the result. Enter the total here and on Schedule 2 (Form 1040 or 1040-SR), line 4, or Form 1040-NR, line 555 6 Deduction for one-half of self-employment tax. Multiply line 5 by 50% (0.50). Enter the result here and on Schedule 1 (Form 1040 or 1040-SR), line 14, or Form 1040-NR, line 27... .6 For Paperwork Reduction Act Notice, see your tax return Instructions. Cat. No. 113562 Schedule SE (Form 1040 or 1040-SR) 2019 Before you begin to determine if you must file Schedule SE, see the instructions May I Use Short Schedule SE or Must I Use Long Schedule SE? Note. Use this flowchart only if you must file Schedule SE, If unsure, see Who Must File Schedule SE in the instructions Did you receive wages or tips in 20197 Are you a minister, member of a religious order, or Christian Science practitioner who received IRS approval not to be taxed on earnings from these sources, but you owe self-employment tax on other earnings? Was the total of your wages and tips subject to social security or railroad retirement (tier 1) tax plus your net earnings from self-employment more than $132,9007 Are you using one of the optional methods to figure your net earnings (see instructions)? Did you receive tips subject to social security or Medicare tax that you didn't report to your employer? Did you receive church employee income (see Instructions) reported on Form W-2 of $108.28 or more? Did you report any wages on Form 8919, Uncollected Social Security and Medicare Tax on Wages? You may use Short Schedule SE below You must use Long Schedule SE on page 2 Chapter 6 Homework Book Calculator Problem 6-16 (Algorithmic) Self-Employment Tax (LO 6.6) Stew Beauf is a self-employed surfboard-maker in 2019. His Schedule C net income is $156,400 for the year. He also has a part-time job and earns $9,384 in wages subject to FICA taxes. Calculate Stew's self-employment tax for 2019 using Schedule SE. Note: If required, round amounts to the nearest dollar. Enter all amounts as positive numbers. OMB No. 1545-0074 SCHEDULE SE (Form 1040 or 1040-SR) Self-Employment Tax 2019 Attachment Sequence No. 17 Department of the Treasury Go to www.lrs.gov/Schedules for instructions and the latest information. Internal Revenue Service (99) Attach to Form 1040, 1040-SR, or 1040-NR. Name of person with self-employment income (as shown on Form 1040, Social security number of person 1040-SR, or 1040-NR) with self-employment income Stew Beauf Before you begin: To determine if you must file Schedule SE, see the instructions. May I Use Short Schedule SE or Must I Use Long Schedule SE? Note. Use this flowchart only if you must file Schedule SE. If unsure, see Who Must File Schedules in the instru Did you receive wages or tips in 2019