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You figure self-employment tax (SE tax) yourself using Schedule SE (Form 1040). Social Security and Medicare taxes of most wage earners are figured by their employers. Also you can deduct the employer-equivalent portion of your SE tax in figuring your adjusted gross income.
Schedule SE. You use Schedule SE to calculate the self-employment taxes due on your business profit. These are simply Social Security and Medicare taxes. When you work for someone else, your employer withholds Social Security and Medicare from your pay.