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Most people can use the short version of the form.
This fraction has the effect of giving you a deduction from your income for one-half of the SECA taxes you'd otherwise have to pay, to reflect the fact that employees don't have to pay FICA tax on the portion of FICA that their employers pay them. If they are, you will be using the long form of Schedule SE, which will allow you to make sure you're paying social security only up to the ceiling amount. Finally, you will enter the amount of your SECA tax on Line 5 of the short SE or Line 12 of the long SE, and then transfer it to Line 52 of your Form 1040 and add it to the income tax you owe. This amount is transferred to Line 27 of your Form 1040. It has the effect of allowing you to avoid paying income tax on one-half of your SECA tax amount, just as employees do not have to pay income tax on the amount of FICA tax that their employers pay for them.