[REG] Sch C (Sole proprietorship) Profit from Business income 분석

 

Part 1. Income

Gross receipts or sales - Returns and allowances - Cost of goods sold  = Gross profit + federal/ state gasoline tax credit or refund

 

 

Part 2. Expense

Advertising car and truck expenses commissions and fees contractor labor Depletion Depreciation and sec 179 exp(Qualified real property improvement) Employee benefit programs insurance(other than health) interest+mortgage(paid to banks) legal and professional service office expense pension and profit-sharing plans rent or lease(vehicles, machinery, equipment+business property) Repairs and maintenance supplies taxes and licenses travel and meals utilities wages other expenses

* Salary from Self-employed corp, not deductible

* health insurance for self-employment, not deductible on sch C, AGI

* legal referral fees, deductible

* State income taxes for the biz, not deductible on sch C, an itemized deduction

 

 

tentative profit: part1-part2

 

(-) Expenses for business use of your home (F8829)

 

= Net profit

Profit > Sh 1, line 3 / Sh SE, line 2 / 

Loss > F1040, line3 

 

Part 3. Cost of goods Sold / Part 4. Information on your vehicle / Part 5. Other Expenses
세부내용 적는란

 

 

Self-Employment Tax

Sch C

1. Minister, member of religious order + farm profit + social security

2. Net profit or loss from sch C + sch K-1

3. 1+2

4. 3 * 92.35%

5. Church employee income * 92.35%

6. 4+5

7. Max amount of combined wages and self-employment earnings subject to social security tax or the 6.2% portion of the 7. 65% railroad retirement tax for 2023

8. Total social security wages and tips and railroad retirement compensation

9. 7-8

10. multiply the smaller of line 6 or line 9 by 12.4%

11. multiply line 6 by 2.9%

12. Self-employment tax, line 10 + 11, sch2 line4 or F1040-SS part1 lne3

13. Deduction for one-half of SE tax

      multiply line 12 by 50%, enter here and on sch 1, F1040