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Schedule SE

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HW Skip Weldon.

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Feb 29, 1996, 3:00:00 AM2/29/96
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My understanding is that if "Other Income" exceeds $400, Sched SE must
be done. Questions:
1. Is that a total of $400 from all sources?
2. Or is it $400 from one source? (Could you have 3 payors each pay
me $300 and I escape SE?)

--
-H.W. "Skip" Weldon
Columbia SC USA

Susan Wasserman

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Mar 1, 1996, 3:00:00 AM3/1/96
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>My understanding is that if "Other Income" exceeds $400, Sched SE must
>be done. Questions:
>1. Is that a total of $400 from all sources?
>2. Or is it $400 from one source? (Could you have 3 payors each pay
>me $300 and I escape SE?)

Schedule SE is filed when your NET INCOME (gross self-employment income
less business expenses) from all sources exceeds $400.00.

Susan Wasserman, CPA
http://pages.prodigy.com/cybercpa

TomHealy CPA

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Mar 2, 1996, 3:00:00 AM3/2/96
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Skip:

Re: <My understanding is that if "Other Income" exceeds $400, Sched SE


must
be done. Questions:
1. Is that a total of $400 from all sources?
2. Or is it $400 from one source? (Could you have 3 payors each pay
me $300 and I escape SE?)>

Only other income from "self-employment" needs Schedule SE. This is
income reported on Form 1099-MISC, or income from a business (including
moonlighting) that you do. The latter is reported on Schedule C-EZ or
Schedule C. If this self-employment income exceeds $400, you need to do
Schedule SE. Its self-employment income from ALL sources.

Tom


Solving your tax and business problems with
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Serving research, software & consulting companies; and individuals
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