If you are self employed and filing your taxes ... - Finance information

Question by Angeldust : If you are self employed and filing your taxes, how do you Deduct one half of the self employment tax?
I Have done a lot of research on self employment taxes, and Have the Following Information from ehow.com: InstructionsSTEP 1: Figure out your net revenu from self-employment. Net income is your total business receipts Typically minus your total business deductions. STEP 2: Multiply your net revenu from self-employment by 0.9235 (or 92.35 percent). STEP 3: Multiply the Amount of your net earnings That Is $ 76.200 or Less by 0153 Add your Two answers together. This is your self-employment tax. STEP 4: Report your self-employment tax on Schedule SE of the 1040. Tips & WarningsYou Can Deduct half of your self-employment tax in your Determining Adjusted gross income. Do this in the Adjustments section of the 1040.My issue is WHERE do I Deduct the half of the self employment tax?I Will Be working 40 hours a week at 8 $ an hour. How can I figure out how much tax to take out of Each pay check? Best answer:

Answer by Angel Baby
http://www.irs.gov

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