IRS Schedule SE is used to report and calculate a taxpayer's self-employment taxes. Under the default method, a taxpayer pays self-employment taxes on their net self-employment earnings.

There are two optional methods available (the Nonfarm Optional Method and the Farm Optional Method).

Self-employment taxes are a total of 15.3%, which is 12.4% of Social Security taxes and 2.9% of Medicare taxes.

In this example, the taxpayer has a Schedule C business and calculates his net SE earnings using the standard method.

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