Use Schedule SE (Form 1040) to figure the tax due on net earnings from self-employment. The Social Security Administration
uses the information
from Schedule SE to figure your benefits under the social security program. This tax applies no matter how old you are and
even if you are already
getting social security or Medicare benefits.
Additional information.
See
Pub. 225 or
Pub. 334.
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For
2006, the maximum amount of self-employment income subject to social security tax is
$94,200.
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If you are a debtor in a chapter 11 bankruptcy case, you must pay self-employment tax on your net earnings from self-employment,
even though
the bankruptcy estate pays the income tax on your net profit. See Chapter 11 Bankruptcy Cases on page SE-2.
