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[quote=Anonymous]If speaking strictly about the self employment tax (SS and Medicare, NOT the insidiously income tax on the business proceeds), it is calculated based on your business net profit separately from the 1040, so 1040 AGI won't reduce the self employment tax. Refundable credits would offset the self employment tax amounts, the same way they would be refunded to you even if your tax for the year was Zero.[/quote]
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