<p>So, if the CSS profile says to use line 55 for taxes paid....what is line 61, wihic says "total tax"? Don't they need to know the total taxes paid? My line 61 is higher than line 55...I knew i should have taken accounting!</p>
<p>Line 55 is the federal income tax on your income. The other taxes are taxes that are collected via the 1040 but are not ‘income’ tax. I think SE tax is dealt with in another profile question but I’m not sure about the others.</p>
<p>thanks! I am not sure where the SE tax goes…but I hope I find out…otherwise, there is no way to document the extra stuff I’m paying out…I think I am not reading some of the questions correctly.</p>
<p>
IIRC, there is no place to enter SE tax. It get computed for you as part of the formula.</p>
<p>The question is whether the CSS Profile formula will recognize that you are self-employed and adjust the calculation. </p>
<p>You do get the benefit of deducting half of your SE tax from your income (adjustments to income question).</p>
<p>On FAFSA, there is no adjustment for SE tax in the formula. Which sucks, because it means that 1/2 of your SE tax is considered as income available to pay for college.</p>