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LBRY Claims • partnership-self-employment-taxes

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Partnership Self-Employment Taxes (Schedule SE) | Step-by-Step Tutorial with Examples
IRS Schedule SE is used to report and calculate a taxpayer's self-employment tax. For most taxpayers, their self-employment earnings will include net profits and losses from Schedule C, as well as allocations of ordinary income and guaranteed payments from partnerships.

In this example, we look at a taxpayer with two Schedule K-1s from partnership investments. The taxpayer actively participates in one of the businesses while being a passive investor in the second investment. The allocation of earnings from the partnership where the taxpayer actively participates in the business is subject to federal self-employment taxes.

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

For a larger database of tutorials, please visit our website and search for your question:
https://knottlearning.com/

DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.

#ScheduleSE #SelfEmployed #Form1040
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https://www.youtube.com/watch?v=SYsljtkiqlM
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