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 your business is a sole proprietorship, you need to file Schedule C, Profit or Loss From Business, along with your federal 1040 tax return.Prepare, print and e-file your federal 1040 return and Schedule C for free with TaxACT Free Federal Edition.tart Free Federal 1040 Now. If you filed Form 2553, Election by a Small Business Corporation, your business is an S Corporation. TaxACT Business 1120S includes all the guidance and forms you need to prepare, print and e-file your S Corporation 1120 federal return.