What Is Schedule C?
Schedule C is the US federal tax form sole proprietors and single-member LLC owners use to report business income and expenses. It calculates net profit or loss, which is carried to the individual tax return and is also the basis for self-employment tax.
What It Includes
Gross receipts, cost of goods sold, and deductible business expenses such as supplies, advertising, business mileage, and a home office if eligible.
Net Profit and Self-Employment Tax
Net profit from Schedule C generally determines self-employment tax, which covers Social Security and Medicare for self-employed people.
🧮 Calculate It Yourself
Put Schedule C into practice with these free calculators — no sign-up, nothing stored.
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Self-Employment Tax Calculator
Estimate your Social Security and Medicare tax as a freelancer (2026 rates).
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Freelance Hourly Rate Calculator
Find the hourly rate you actually need to charge — it's not salary ÷ hours.
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IRS Mileage Reimbursement Calculator
Find your reimbursement or deduction using the current official IRS rate.
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🔗 Related Terms
More Taxes Terms
- Additional Medicare Tax
- Adjusted Gross Income (AGI)
- Alternative Minimum Tax (AMT)
- Capital Gains Tax
- Capital Loss
- Child Tax Credit
📖 Browse all glossary terms or explore all free calculators.
Last updated: September 29, 2026. This definition is for general educational purposes only. It is not financial, investment, tax, legal, or medical advice, and it does not recommend any product or course of action. For decisions about your own situation, consult a qualified professional.