Regularly employed people[edit] For 2014, the employee's share of the Social Security portion of the FICA tax is 6.2% of gross compensation up to a limit of $117,000 of gross compensation (resulting in a maximum Social Security tax of $7,254).
You can find more details on how to complete Schedule C in this step-by-step process explanation. How Do I File Schedule C with the IRS? File Schedule C with your Form 1040 after entering your net business income from line 31 of your Schedule C on line 12, Business Income or Loss. This income is included with all other income sources to determine your total adjusted gross income tax liability.
Transmitter Control Code. If you plan to use the Power Closer 1099 Annual Report program and you do not have a Transmitter Control Code (TCC) from IRS, you should use IRS Form 4419 to obtain one. It can be downloaded from IRS. The reporting deadline for electronic filing is later than for paper filing.