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.
Schedule D is used to report any capital gains and losses. For taxpayers that need additional room to report, you may want to consider downloading Schedule D-1 (Continuation Sheet). The 2014 edition of Schedule D, as well as previous years, can be downloaded below. Remember, all IRS forms are in Adobe Acrobat. You will need Acrobat installed to view and print these forms.