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Schedule SE is used to calculate the self-employment tax owed on income from self-employment (such as on a Schedule C or Schedule F, or in a partnership). Schedule 8812 [ 6 ] is used to calculate the Child Tax Credit.
Form 1040, officially, the U.S. Individual Income Tax Return, is an IRS tax form used for personal federal income tax returns filed by United States residents. The form calculates the total taxable income of the taxpayer and determines how much is to be paid to or refunded by the government.
Self-employed persons report their business income or loss on Schedule C of IRS Form 1040 and calculate the self-employment tax on Schedule SE of IRS Form 1040. Estimated taxes must be paid quarterly using form 1040-ES if estimated tax liability exceeds $1,000.
Form 1040: Form 1040 is required for individuals who are self-employed because it accounts for the self-employment tax.
You report your self-employment income on your regular income tax return, but you have to file a few additional forms. First, use Schedule C to calculate your net self-employment income.
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