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When figuring self-employment tax you owe, you get to reduce self-employment income by half of the self-employment tax before applying the tax rate. Say, for example, that your net self-employment income is $50,000. That's the amount you report as taxable for income tax purposes on Form 1040. But when figuring your self-employment tax on Schedule SE, Computation of Social Security Self-Employment Tax, the taxable amount is $46,175. Not paying the 15.3 percent tax on $3,225 difference in this example saves you $493.
Self Employed Deductions: There are several above-the-line deductions for the self-employed. The first is a deduction for any self-employment tax you paid throughout the year. Just enter your self-employment income on your 1040.com return, and we'll take care of the math for your deduction.You'll probably need either the Schedule C or Schedule SE screen â but don't double enter the income.he first is a deduction for any self-employment tax you paid throughout the year. Just enter your self-employment income on your 1040.com return, and we'll take care of the math for your deduction. You'll probably need either the Schedule C or Schedule SE screen â but don't double enter the income.