Form 1040-Es - Estimated Tax For Individuals - 2016 Page 6
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122016 Self-Employment Tax and Deduction Worksheet for
Lines 1 and 11 of the Estimated Tax Worksheet
Keep for Your Records
1a. Enter your expected income and profits subject to self-employment tax* . . . . . . . . .
1a.
b. If you will have farm income and also receive social security retirement or disability
benefits, enter your expected Conservation Reserve Program payments that will be
included on Schedule F (Form 1040) or listed on Schedule K-1 (Form 1065)
. . . . .
b.
2. Subtract line 1b from line 1a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
3. Multiply line 2 by 92.35% (.9235) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.
4. Multiply line 3 by 2.9% (.029) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.
5. Social security tax maximum income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$118,500
5.
6. Enter your expected wages (if subject to social security tax or the 6.2% portion of
tier 1 railroad retirement tax) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
7. Subtract line 6 from line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.
Note. If line 7 is zero or less, enter -0- on line 9 and skip to line 10.
8. Enter the smaller of line 3 or line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.
9. Multiply line 8 by 12.4% (.124) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.
10. Add lines 4 and 9. Enter the result here and on line 11 of your 2016 Estimated Tax Worksheet . . . . . . . . . . . .
10.
11. Multiply line 10 by 50% (.50). This is your expected deduction for self-employment
tax on Form 1040, line 27. Subtract this amount when figuring your expected AGI on
line 1 of your 2016 Estimated Tax Worksheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11.
* Your net profit from self-employment is found on Schedule C (Form 1040), line 31; Schedule F (Form 1040), line 34; Schedule K-1 (Form 1065), box 14,
code A; and Schedule K-1 (Form 1065-B), box 9, code J1.
-6-
Form 1040-ES (2016)
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