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DoninGA
Employee
June 1, 2019

If you have a net profit from your business as a self employed sole proprietor/independent contractor, the program will generate a Schedule SE for the self-employment taxes which pay for the employer and employee portion of Social Security and Medicare.  The SE taxes will be entered on Form 1040 Line 57 as a tax liability.  The deductible part of the SE taxes are entered on Form 1040 Line 27 as an adjustment to income.

If your total tax payments are greater than your total tax liabilities then you will receive a tax refund for the overpayment.  If your total tax payments are less than your total tax liabilities then you will have taxes owed.