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Publication 533 2003 Tax Year

Publication 533
Introductory Material

This is archived information that pertains only to the 2003 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.

Table of Contents

Important Change

Tax rates and maximum net earnings. The self-employment tax rate on net earnings remains the same for 2003 and 2004. This rate, 15.3%, is a total of 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance). The maximum amount subject to the social security part for tax years beginning in 2003 is $87,000. For 2004, that amount increases to $87,900. All net earnings of at least $400 are subject to the Medicare part.

Important Reminder

Photographs of missing children. The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. You can help bring these children home by looking at the photographs and calling 1–800–THE–LOST (1–800–843–5678) if you recognize a child.

Introduction

The purpose of this publication is to help you understand self-employment tax. It explains:

  • What is self-employment tax,
  • Why you pay it,
  • How you pay it,
  • Who must pay it, and
  • How to report it on your tax return.

How to use this publication. This publication is designed to be used with Schedule SE (Form 1040) and its instructions. Schedule SE is used to figure and report self-employment tax. This publication may help you if you need more information than the form or instructions provide.

Comments and suggestions. We welcome your comments about this publication and your suggestions for future editions. You can email us at *[email protected]. Please put “Publications Comment” on the subject line. You can write to us at the following address:


Internal Revenue Service
Business Forms and Publications
SE:W:CAR:MP:T:B
1111 Constitution Ave. NW
Washington, DC 20224

We respond to many letters by telephone. Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence.

Useful Items - You may want to see:

Publication

  • 15 Circular E, Employer's Tax Guide
  • 15–A Employer's Supplemental Tax Guide
  • 225 Farmer's Tax Guide
  • 334 Tax Guide for Small Business
  • 505 Tax Withholding and Estimated Tax
  • 517 Social Security and Other Information for Members of the Clergy and Religious Workers
  • 541 Partnerships
  • 595 Tax Highlights for Commercial Fishermen
  • 911 Direct Sellers

Form (and Instructions)

  • 1040 U.S. Individual Income Tax Return
  • Sch C (Form 1040) Profit or Loss From Business
  • Sch C–EZ (Form 1040) Net Profit From Business
  • Sch F (Form 1040) Profit or Loss From Farming
  • Sch K–1 (Form 1065) Partner's Share of Income, Credits, Deductions, etc.
  • Sch K–1 (Form 1065–B) Partner's Share of Income (Loss) From an Electing Large Partnership
  • Sch SE (Form 1040) Self-Employment Tax
  • 4029 Application for Exemption From Social Security and Medicare Taxes and Waiver of Benefits
  • 4361 Application for Exemption From Self-Employment Tax for Use by Ministers, Members of Religious Orders and Christian Science Practitioners

See How To Get Tax Help near the end of this publication for information about getting publications and forms.

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