Internal Revenue Service United States Department of the Treasury
Level Basic Advanced Military International


Self-Employment Tax

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Manuel worked as a contractor for the Loteria this year and had gross income of $7,000. His expenses were:

  • Rent: $1,000
  • Supplies: $200
  • Estimated tax payments total: $650

Based on these facts, calculate Manuel's net profit or loss and self-employment tax by completing Part IV and Part V of his 2014 Form 1040-SS.