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'm a CPA, Deloitte Tax alum, and I personally prepare 150+ DE C Corp tax returns a year. You will need to file your DE C Corp tax return by 3/15 every year. You can also go on federal extension to 9/15. State extensions vary. If you're running at a loss, its better to go on extension so that you have more time to review the previous year's financials.