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.
If you are filing Schedule C (Form 1040) to report a business use of your home in your trade or business and you are using the simplified method to figure the deduction, use the Simplified Method Worksheet and Daycare Facility Worksheet in your Instructions for Schedule C for that business use.ince you are using the simplified method this year, you cannot deduct the amounts you entered on lines 6a and 6b this year. If you figure your deduction for business use of the home using actual expenses next year, you will be able to include these expenses when you figure your deduction.