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.
I Am Self-Employed, So How Do I File a Tax Return? As a self-employed taxpayer, you will file your return on a Form 1040, and you will generally need to attach Schedule C (or Schedule C-EZ) and Schedule SE to your return. Whether you are an independent contractor or a statutory employee, efile.com makes it easy to prepare and efile your tax return.