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King Washington Form 1040A or 1040 Schedule R: What You Should Know

Enter the amount on line 14 of Schedule D, box 3. Do not include credit for Social Security contributions. See instructions, page 10, for how to figure Social Security taxes. Enter the amount in box 1 of Schedule D. When you file your federal Form 1040, include a line for self-employment income only. The Social Security amount is included as an additional amount, not as an adjustment to wages or self-employment income.  Income Tax Table (Form 1040A), line 32, “Social security,” will be included at the bottom. Tax Worksheet (Form 1040) (not required if you are an eligible individual) If you use Schedule D to figure self-employment income and the Social Security amount is not included, you will be able to use Form 1040A, “Social Security and Medicare.” If you have a federal Form 1040, do not include the Social Security amount on line 6 of Schedule D. The Social Security amount does not factor into your self-employment tax, and you do not need to report that on any other form. You may need to file Form 6251, if you are an employee, or Form 941, if you are an independent contractor. If you are not yet eligible for federal Social Security, you can figure your self-employment tax from the Form 941. See our Social Security FAQ Self-employment income is taxed at your ordinary tax rate on wages, self-employment earnings between 400 and 9,600, and self-employment earnings that exceed 200,000. See the self-employment section about how this tax is calculated. You should add the social security contribution credit from Schedule R (Form 1040) of this credit on Form 1040 and Form 1040A. The self-employment credit reduces the income you may owe Social Security, and it does not reduce your tax. The amount of the credit you receive depends on how much you paid in self-employment income. Generally, the more your self-employment income, the more the credit you receive. If you are required to reduce your tax, you may need to reduce your tax by using Schedule R (Form 1040A). See the Form 1642 instructions from for additional information. Your income tax is computed separately for Social Security and Medicare, so you must figure these separately and report them on Schedule F.

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