Self Employed Calcs worksheet

[Pammie57]

Does anybody have a good excel worksheet to calculate SE net income ? or can you point me to a site that has something to build upon?.

I have a partnership (2 ptrs), and neither made way over 265000, so I need to calculate their income - taking into account their share of employee profit sharing contributions.

Thanks!

[Mike Preston]

ideal salary current from Tom Poje.xls

Here is a spreadsheet that Tom Poje originated and I modified it a bit. No warranties. If you find an error, though, please report it.

[BG5150]

So, we start with 14A and subtract the 179 deduction?

[Mike Preston]

Yes, see the instruction for G6 on line 22 of the instruction tab.

The spreadsheet doesn't take into account 179 reductions directly.

What is expected (and I admit this is not self evident) is to adjust the individual partner's ratio in cell G8 to reflect the appropriate change brought about by the difference between that partner's share of the Gross Profits before "14A-179" and the partner's share of the Gross Profits after "14A-179".

Kinda strange using 48.9%/51.1% for a partnership of two that expects it to be 50/50!

[BG5150]

OK, thanks

[Mike Preston]

BTW, if you want to change G6 such that the expectation is to use Gross Profits before "Section 179 expenses and unreimbursed partnership expenses" and then take into account "This partner's adjustment to SE Income pursuant to Section 179 expenses and unreimbursed partnership expenses" I think that would be great.