Regularly employed people[edit] For 2014, the employee's share of the Social Security portion of the FICA tax is 6.2% of gross compensation up to a limit of $117,000 of gross compensation (resulting in a maximum Social Security tax of $7,254).
You can find more details on how to complete Schedule C in this step-by-step process explanation. How Do I File Schedule C with the IRS? File Schedule C with your Form 1040 after entering your net business income from line 31 of your Schedule C on line 12, Business Income or Loss. This income is included with all other income sources to determine your total adjusted gross income tax liability.
Click on your business type below for your TaxACT solution: If you are a single member LLC, you need to file Schedule C, Profit or Loss From Business, along with your federal 1040 tax return. Prepare, print and e-file your federal 1040 return and Schedule C free with TaxACT Free Federal Edition.Start Free Federal 1040 Now.If you filed Form 2553, Election by a Small Business Corporation, your business is an S Corporation. TaxACT Business 1120S includes all the guidance and forms you need to prepare, print and e-file your S Corporation 1120 federal return.lick on your business type below for your TaxACT solution: If you are a single member LLC, you need to file Schedule C, Profit or Loss From Business, along with your federal 1040 tax return. Prepare, print and e-file your federal 1040 return and Schedule C free with TaxACT Free Federal Edition.