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Handr block com 10. Handr block com   Self-Employment (SE) Tax Table of Contents Who Must Pay SE Tax?Special Rules and Exceptions Figuring Earnings Subject to SE Tax Farm Optional Method Using Both Optional Methods Reporting Self-Employment Tax The SE tax rules apply no matter how old you are and even if you are already receiving social security and Medicare benefits. Handr block com Who Must Pay SE Tax? Generally, you must pay SE tax and file Schedule SE (Form 1040) if your net earnings from self-employment were $400 or more. Handr block com Use Schedule SE to figure net earnings from self-employment. Handr block com Sole proprietor or independent contractor. Handr block com   If you are self-employed as a sole proprietor or independent contractor, you generally use Schedule C or C-EZ (Form 1040) to figure your earnings subject to SE tax. Handr block com SE tax rate. Handr block com    For 2013, the SE tax rate on net earnings is 15. Handr block com 3% (12. Handr block com 4% social security tax plus 2. Handr block com 9% Medicare tax). Handr block com Maximum earnings subject to self-employment tax. Handr block com    Only the first $113,700 of your combined wages, tips, and net earnings in 2013 is subject to any combination of the 12. Handr block com 4% social security part of SE tax, social security tax, or railroad retirement (tier 1) tax. Handr block com   All of your combined wages, tips, and net earnings in 2013 are subject to any combination of the 2. Handr block com 9% Medicare part of SE tax, social security tax, or railroad retirement (tier 1) tax. Handr block com   If your wages and tips are subject to either social security or railroad retirement (tier 1) tax, or both, and total at least $113,700, do not pay the 12. Handr block com 4% social security part of the SE tax on any of your net earnings. Handr block com However, you must pay the 2. Handr block com 9% Medicare part of the SE tax on all your net earnings. Handr block com Special Rules and Exceptions Aliens. Handr block com   Generally, resident aliens must pay self-employment tax under the same rules that apply to U. Handr block com S. Handr block com citizens. Handr block com Nonresident aliens are not subject to SE tax unless an international social security agreement in effect determines that they are covered under the U. Handr block com S. Handr block com social security system. Handr block com However, residents of the Virgin Islands, Puerto Rico, Guam, the Commonwealth of the Northern Mariana Islands, or American Samoa are subject to self-employment tax, as they are considered U. Handr block com S. Handr block com residents for self-employment tax purposes. Handr block com For more information on aliens, see Publication 519, U. Handr block com S. Handr block com Tax Guide for Aliens. Handr block com Child employed by parent. Handr block com   You are not subject to SE tax if you are under age 18 and you are working for your father or mother. Handr block com Church employee. Handr block com    If you work for a church or a qualified church-controlled organization (other than as a minister or member of a religious order) that elected an exemption from social security and Medicare taxes, you are subject to SE tax if you receive $108. Handr block com 28 or more in wages from the church or organization. Handr block com For more information, see Publication 517, Social Security and Other Information for Members of the Clergy and Religious Workers. Handr block com Fishing crew member. Handr block com   If you are a member of the crew on a boat that catches fish or other water life, your earnings are subject to SE tax if all the following conditions apply. Handr block com You do not get any pay for the work except your share of the catch or a share of the proceeds from the sale of the catch, unless the pay meets all the following conditions. Handr block com The pay is not more than $100 per trip. Handr block com The pay is received only if there is a minimum catch. Handr block com The pay is solely for additional duties (such as mate, engineer, or cook) for which additional cash pay is traditional in the fishing industry. Handr block com You get a share of the catch or a share of the proceeds from the sale of the catch. Handr block com Your share depends on the amount of the catch. Handr block com The boat's operating crew normally numbers fewer than 10 individuals. Handr block com (An operating crew is considered as normally made up of fewer than 10 if the average size of the crew on trips made during the last four calendar quarters is fewer than 10. Handr block com ) Notary public. Handr block com   Fees you receive for services you perform as a notary public are reported on Schedule C or C-EZ but are not subject to self-employment tax (see the Instructions for Schedule SE (Form 1040)). Handr block com State or local government employee. Handr block com   You are subject to SE tax if you are an employee of a state or local government, are paid solely on a fee basis, and your services are not covered under a federal-state social security agreement. Handr block com Foreign government or international organization employee. Handr block com   You are subject to SE tax if both the following conditions are true. Handr block com You are a U. Handr block com S. Handr block com citizen employed in the United States, Puerto Rico, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, or the Virgin Islands by: A foreign government, A wholly-owned agency of a foreign government, or An international organization. Handr block com Your employer is not required to withhold social security and Medicare taxes from your wages. Handr block com U. Handr block com S. Handr block com citizen or resident alien residing abroad. Handr block com    If you are a self-employed U. Handr block com S. Handr block com citizen or resident alien living outside the United States, in most cases you must pay SE tax. Handr block com Do not reduce your foreign earnings from self-employment by your foreign earned income exclusion. Handr block com Exception. Handr block com    The United States has social security agreements with many countries to eliminate double taxation under two social security systems. Handr block com Under these agreements, you generally must only pay social security and Medicare taxes to the country in which you live. Handr block com The country to which you must pay the tax will issue a certificate which serves as proof of exemption from social security tax in the other country. Handr block com   For more information, see the Instructions for Schedule SE (Form 1040). Handr block com More Than One Business If you have earnings subject to SE tax from more than one trade, business, or profession, you must combine the net profit (or loss) from each to determine your total earnings subject to SE tax. Handr block com A loss from one business reduces your profit from another business. Handr block com Community Property Income If any of the income from a trade or business, other than a partnership, is community property income under state law, it is included in the earnings subject to SE tax of the spouse carrying on the trade or business. Handr block com Gain or Loss Do not include in earnings subject to SE tax a gain or loss from the disposition of property that is neither stock in trade nor held primarily for sale to customers. Handr block com It does not matter whether the disposition is a sale, exchange, or an involuntary conversion. Handr block com Lost Income Payments If you are self-employed and reduce or stop your business activities, any payment you receive from insurance or other sources for the lost business income is included in earnings subject to SE tax. Handr block com If you are not working when you receive the payment, it still relates to your business and is included in earnings subject to SE tax, even though your business is temporarily inactive. Handr block com Figuring Earnings Subject to SE Tax Methods for Figuring Net Earnings There are three ways to figure your net earnings from self-employment. Handr block com The regular method. Handr block com The nonfarm optional method. Handr block com The farm optional method. Handr block com You must use the regular method unless you are eligible to use one or both of the optional methods. Handr block com Why use an optional method?    You may want to use the optional methods (discussed later) when you have a loss or a small net profit and any one of the following applies. Handr block com You want to receive credit for social security benefit coverage. Handr block com You incurred child or dependent care expenses for which you could claim a credit. Handr block com (An optional method may increase your earned income, which could increase your credit. Handr block com ) You are entitled to the earned income credit. Handr block com (An optional method may increase your earned income, which could increase your credit. Handr block com ) You are entitled to the additional child tax credit. Handr block com (An optional method may increase your earned income, which could increase your credit. Handr block com ) Effects of using an optional method. Handr block com   Using an optional method could increase your SE tax. Handr block com Paying more SE tax could result in your getting higher benefits when you retire. Handr block com   If you use either or both optional methods, you must figure and pay the SE tax due under these methods even if you would have had a smaller tax or no tax using the regular method. Handr block com   The optional methods may be used only to figure your SE tax. Handr block com To figure your income tax, include your actual earnings in gross income, regardless of which method you use to determine SE tax. Handr block com Regular Method Multiply your total earnings subject to SE tax by 92. Handr block com 35% (. Handr block com 9235) to get your net earnings under the regular method. Handr block com See Short Schedule SE, line 4, or Long Schedule SE, line 4a. Handr block com Net earnings figured using the regular method are also called actual net earnings. Handr block com Nonfarm Optional Method Use the nonfarm optional method only for earnings that do not come from farming. Handr block com You may use this method if you meet all the following tests. Handr block com You are self-employed on a regular basis. Handr block com This means that your actual net earnings from self-employment were $400 or more in at least 2 of the 3 tax years before the one for which you use this method. Handr block com The net earnings can be from either farm or nonfarm earnings or both. Handr block com You have used this method less than 5 years. Handr block com (There is a 5-year lifetime limit. Handr block com ) The years do not have to be one after another. Handr block com Your net nonfarm profits were: Less than $5,024, and Less than 72. Handr block com 189% of your gross nonfarm income. Handr block com Net nonfarm profits. Handr block com   Net nonfarm profit generally is the total of the amounts from: Line 31, Schedule C (Form 1040), Line 3, Schedule C-EZ (Form 1040), Box 14, code A, Schedule K-1 (Form 1065) (from nonfarm partnerships), and Box 9, code J1, Schedule K-1 (Form 1065-B). Handr block com   However, you may need to adjust the amount reported on Schedule K-1 if you are a general partner or if it is a loss. Handr block com Gross nonfarm income. Handr block com   Your gross nonfarm income generally is the total of the amounts from: Line 7, Schedule C (Form 1040), Line 1, Schedule C-EZ (Form 1040), Box 14, code C, Schedule K-1 (Form 1065) (from nonfarm partnerships), and Box 9, code J2, Schedule K-1 (Form 1065-B). Handr block com Figuring Nonfarm Net Earnings If you meet the three tests explained earlier, use the following table to figure your net earnings from self-employment under the nonfarm optional method. Handr block com Table 10-1. Handr block com Figuring Nonfarm Net Earnings IF your gross nonfarm income is. Handr block com . Handr block com . Handr block com THEN your net earnings are equal to. Handr block com . Handr block com . Handr block com $6,960 or less Two-thirds of your gross nonfarm income. Handr block com More than $6,960 $4,640 Actual net earnings. Handr block com   Your actual net earnings are 92. Handr block com 35% of your total earnings subject to SE tax (that is, multiply total earnings subject to SE tax by 92. Handr block com 35% (. Handr block com 9235) to get actual net earnings). Handr block com Actual net earnings are equivalent to net earnings figured using the regular method. Handr block com Optional net earnings less than actual net earnings. Handr block com   You cannot use this method to report an amount less than your actual net earnings from self-employment. Handr block com Gross nonfarm income of $6,960 or less. Handr block com   The following examples illustrate how to figure net earnings when gross nonfarm income is $6,960 or less. Handr block com Example 1. Handr block com Net nonfarm profit less than $5,024 and less than 72. Handr block com 189% of gross nonfarm income. Handr block com Ann Green runs a craft business. Handr block com Her actual net earnings from self-employment were $800 in 2011 and $900 in 2012. Handr block com She meets the test for being self-employed on a regular basis. Handr block com She has used the nonfarm optional method less than 5 years. Handr block com Her gross income and net profit in 2013 are as follows: Gross nonfarm income $5,400 Net nonfarm profit $1,200 Ann's actual net earnings for 2013 are $1,108 ($1,200 × . Handr block com 9235). Handr block com Because her net profit is less than $5,024 and less than 72. Handr block com 189% of her gross income, she can use the nonfarm optional method to figure net earnings of $3,600 (2/3 × $5,400). Handr block com Because these net earnings are higher than her actual net earnings, she can report net earnings of $3,600 for 2013. Handr block com Example 2. Handr block com Net nonfarm profit less than $5,024 but not less than 72. Handr block com 189% of gross nonfarm income. Handr block com Assume that in Example 1 Ann's gross income is $1,000 and her net profit is $800. Handr block com She must use the regular method to figure her net earnings. Handr block com She cannot use the nonfarm optional method because her net profit is not less than 72. Handr block com 189% of her gross income. Handr block com Example 3. Handr block com Net loss from a nonfarm business. Handr block com Assume that in Example 1 Ann has a net loss of $700. Handr block com She can use the nonfarm optional method and report $3,600 (2/3 × $5,400) as her net earnings. Handr block com Example 4. Handr block com Nonfarm net earnings less than $400. Handr block com Assume that in Example 1 Ann has gross income of $525 and a net profit of $175. Handr block com In this situation, she would not pay any SE tax under either the regular method or the nonfarm optional method because her net earnings under both methods are less than $400. Handr block com Gross nonfarm income of more than $6,960. Handr block com   The following examples illustrate how to figure net earnings when gross nonfarm income is more than $6,960. Handr block com Example 1. Handr block com Net nonfarm profit less than $5,024 and less than 72. Handr block com 189% of gross nonfarm income. Handr block com John White runs an appliance repair shop. Handr block com His actual net earnings from self-employment were $10,500 in 2011 and $9,500 in 2012. Handr block com He meets the test for being self-employed on a regular basis. Handr block com He has used the nonfarm optional method less than 5 years. Handr block com His gross income and net profit in 2013 are as follows: Gross nonfarm income $12,000 Net nonfarm profit $1,200 John's actual net earnings for 2013 are $1,108 ($1,200 × . Handr block com 9235). Handr block com Because his net profit is less than $5,024 and less than 72. Handr block com 189% of his gross income, he can use the nonfarm optional method to figure net earnings of $4,640. Handr block com Because these net earnings are higher than his actual net earnings, he can report net earnings of $4,640 for 2013. Handr block com Example 2. Handr block com Net nonfarm profit not less than $5,024. Handr block com Assume that in Example 1 John's net profit is $5,400. Handr block com He must use the regular method. Handr block com He cannot use the nonfarm optional method because his net nonfarm profit is not less than $5,024. Handr block com Example 3. Handr block com Net loss from a nonfarm business. Handr block com Assume that in Example 1 John has a net loss of $700. Handr block com He can use the nonfarm optional method and report $4,640 as his net earnings from self-employment. Handr block com Farm Optional Method Use the farm optional method only for earnings from a farming business. Handr block com See Publication 225 for information about this method. Handr block com Using Both Optional Methods If you have both farm and nonfarm earnings, you may be able to use both optional methods to determine your net earnings from self-employment. Handr block com To figure your net earnings using both optional methods, you must: Figure your farm and nonfarm net earnings separately under each method. Handr block com Do not combine farm earnings with nonfarm earnings to figure your net earnings under either method. Handr block com Add the net earnings figured under each method to arrive at your total net earnings from self-employment. Handr block com You can report less than your total actual farm and nonfarm net earnings but not less than actual nonfarm net earnings. Handr block com If you use both optional methods, you can report no more than $4,640 as your combined net earnings from self-employment. Handr block com Example. Handr block com You are a self-employed farmer. Handr block com You also operate a retail grocery store. Handr block com Your gross income, actual net earnings from self-employment, and optional farm and optional nonfarm net earnings from self-employment are shown in Table 10-2. Handr block com Table 10-2. Handr block com Example—Farm and Nonfarm Earnings Income and Earnings Farm Nonfarm Gross income $3,000 $6,000 Actual net earnings $900 $500 Optional net earnings (2/3 of gross income) $2,000 $4,000 Table 10-3 shows four methods or combinations of methods you can use to figure net earnings from self-employment using the farm and nonfarm gross income and actual net earnings shown in Table 10-2. Handr block com Method 1. Handr block com Using the regular method for both farm and nonfarm income. Handr block com Method 2. Handr block com Using the optional method for farm income and the regular method for nonfarm income. Handr block com Method 3. Handr block com Using the regular method for farm income and the optional method for nonfarm income. Handr block com Method 4. Handr block com Using the optional method for both farm and nonfarm income. Handr block com Note. Handr block com Actual net earnings is the same as net earnings figured using the regular method. Handr block com Table 10-3. Handr block com Example—Net Earnings Net Earnings 1 2 3 4 Actual  farm $ 900   $ 900   Optional  farm   $ 2,000   $ 2,000 Actual nonfarm $ 500 $ 500     Optional nonfarm     $4,000 $4,000 Amount you can report: $1,400 $2,500 $4,900 $4,640* *Limited to $4,640 because you used both optional methods. Handr block com Fiscal Year Filer If you use a tax year other than the calendar year, you must use the tax rate and maximum earnings limit in effect at the beginning of your tax year. Handr block com Even if the tax rate or maximum earnings limit changes during your tax year, continue to use the same rate and limit throughout your tax year. Handr block com Reporting Self-Employment Tax Use Schedule SE (Form 1040) to figure and report your SE tax. Handr block com Then enter the SE tax on line 56 of Form 1040 and attach Schedule SE to Form 1040. Handr block com Most taxpayers can use Section A—Short Schedule SE to figure their SE tax. Handr block com However, certain taxpayers must use Section B—Long Schedule SE. Handr block com If you have to pay SE tax, you must file Form 1040 (with Schedule SE attached) even if you do not otherwise have to file a federal income tax return. Handr block com Joint return. Handr block com   Even if you file a joint return, you cannot file a joint Schedule SE. Handr block com This is true whether one spouse or both spouses have earnings subject to SE tax. Handr block com If both of you have earnings subject to SE tax, each of you must complete a separate Schedule SE. Handr block com However, if one spouse uses the Short Schedule SE and the other spouse has to use the Long Schedule SE, both can use the same form. Handr block com Attach both schedules to the joint return. Handr block com More than one business. Handr block com   If you have more than one trade or business, you must combine the net profit (or loss) from each business to figure your SE tax. Handr block com A loss from one business will reduce your profit from another business. Handr block com File one Schedule SE showing the earnings from self-employment, but file a separate Schedule C, C-EZ, or F for each business. Handr block com Example. Handr block com You are the sole proprietor of two separate businesses. Handr block com You operate a restaurant that made a net profit of $25,000. Handr block com You also have a cabinetmaking business that had a net loss of $500. Handr block com You must file a Schedule C for the restaurant showing your net profit of $25,000 and another Schedule C for the cabinetmaking business showing your net loss of $500. Handr block com You file Schedule SE showing total earnings subject to SE tax of $24,500. Handr block com Prev  Up  Next   Home   More Online Publications
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The Handr Block Com

Handr block com 15. Handr block com   Examination and Appeal Procedures If your excise tax return is examined and you disagree with the findings, you can get information about audit and appeal procedures from Publication 556, Examination of Returns, Appeal Rights, and Claims for Refund. Handr block com An unagreed case involving an excise tax covered in this publication differs from other tax cases in that you can only contest it in court after payment of the tax by filing suit for a refund in the United States District Court or the United States Court of Federal Claims. Handr block com Prev  Up  Next   Home   More Online Publications