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2011 E File

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2011 E File

2011 e file 10. 2011 e file   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. 2011 e file 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. 2011 e file Use Schedule SE to figure net earnings from self-employment. 2011 e file Sole proprietor or independent contractor. 2011 e file   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. 2011 e file SE tax rate. 2011 e file    For 2013, the SE tax rate on net earnings is 15. 2011 e file 3% (12. 2011 e file 4% social security tax plus 2. 2011 e file 9% Medicare tax). 2011 e file Maximum earnings subject to self-employment tax. 2011 e file    Only the first $113,700 of your combined wages, tips, and net earnings in 2013 is subject to any combination of the 12. 2011 e file 4% social security part of SE tax, social security tax, or railroad retirement (tier 1) tax. 2011 e file   All of your combined wages, tips, and net earnings in 2013 are subject to any combination of the 2. 2011 e file 9% Medicare part of SE tax, social security tax, or railroad retirement (tier 1) tax. 2011 e file   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. 2011 e file 4% social security part of the SE tax on any of your net earnings. 2011 e file However, you must pay the 2. 2011 e file 9% Medicare part of the SE tax on all your net earnings. 2011 e file Special Rules and Exceptions Aliens. 2011 e file   Generally, resident aliens must pay self-employment tax under the same rules that apply to U. 2011 e file S. 2011 e file citizens. 2011 e file Nonresident aliens are not subject to SE tax unless an international social security agreement in effect determines that they are covered under the U. 2011 e file S. 2011 e file social security system. 2011 e file 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. 2011 e file S. 2011 e file residents for self-employment tax purposes. 2011 e file For more information on aliens, see Publication 519, U. 2011 e file S. 2011 e file Tax Guide for Aliens. 2011 e file Child employed by parent. 2011 e file   You are not subject to SE tax if you are under age 18 and you are working for your father or mother. 2011 e file Church employee. 2011 e file    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. 2011 e file 28 or more in wages from the church or organization. 2011 e file For more information, see Publication 517, Social Security and Other Information for Members of the Clergy and Religious Workers. 2011 e file Fishing crew member. 2011 e file   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. 2011 e file 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. 2011 e file The pay is not more than $100 per trip. 2011 e file The pay is received only if there is a minimum catch. 2011 e file The pay is solely for additional duties (such as mate, engineer, or cook) for which additional cash pay is traditional in the fishing industry. 2011 e file You get a share of the catch or a share of the proceeds from the sale of the catch. 2011 e file Your share depends on the amount of the catch. 2011 e file The boat's operating crew normally numbers fewer than 10 individuals. 2011 e file (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. 2011 e file ) Notary public. 2011 e file   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)). 2011 e file State or local government employee. 2011 e file   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. 2011 e file Foreign government or international organization employee. 2011 e file   You are subject to SE tax if both the following conditions are true. 2011 e file You are a U. 2011 e file S. 2011 e file 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. 2011 e file Your employer is not required to withhold social security and Medicare taxes from your wages. 2011 e file U. 2011 e file S. 2011 e file citizen or resident alien residing abroad. 2011 e file    If you are a self-employed U. 2011 e file S. 2011 e file citizen or resident alien living outside the United States, in most cases you must pay SE tax. 2011 e file Do not reduce your foreign earnings from self-employment by your foreign earned income exclusion. 2011 e file Exception. 2011 e file    The United States has social security agreements with many countries to eliminate double taxation under two social security systems. 2011 e file Under these agreements, you generally must only pay social security and Medicare taxes to the country in which you live. 2011 e file 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. 2011 e file   For more information, see the Instructions for Schedule SE (Form 1040). 2011 e file 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. 2011 e file A loss from one business reduces your profit from another business. 2011 e file 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. 2011 e file 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. 2011 e file It does not matter whether the disposition is a sale, exchange, or an involuntary conversion. 2011 e file 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. 2011 e file 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. 2011 e file Figuring Earnings Subject to SE Tax Methods for Figuring Net Earnings There are three ways to figure your net earnings from self-employment. 2011 e file The regular method. 2011 e file The nonfarm optional method. 2011 e file The farm optional method. 2011 e file You must use the regular method unless you are eligible to use one or both of the optional methods. 2011 e file 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. 2011 e file You want to receive credit for social security benefit coverage. 2011 e file You incurred child or dependent care expenses for which you could claim a credit. 2011 e file (An optional method may increase your earned income, which could increase your credit. 2011 e file ) You are entitled to the earned income credit. 2011 e file (An optional method may increase your earned income, which could increase your credit. 2011 e file ) You are entitled to the additional child tax credit. 2011 e file (An optional method may increase your earned income, which could increase your credit. 2011 e file ) Effects of using an optional method. 2011 e file   Using an optional method could increase your SE tax. 2011 e file Paying more SE tax could result in your getting higher benefits when you retire. 2011 e file   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. 2011 e file   The optional methods may be used only to figure your SE tax. 2011 e file To figure your income tax, include your actual earnings in gross income, regardless of which method you use to determine SE tax. 2011 e file Regular Method Multiply your total earnings subject to SE tax by 92. 2011 e file 35% (. 2011 e file 9235) to get your net earnings under the regular method. 2011 e file See Short Schedule SE, line 4, or Long Schedule SE, line 4a. 2011 e file Net earnings figured using the regular method are also called actual net earnings. 2011 e file Nonfarm Optional Method Use the nonfarm optional method only for earnings that do not come from farming. 2011 e file You may use this method if you meet all the following tests. 2011 e file You are self-employed on a regular basis. 2011 e file 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. 2011 e file The net earnings can be from either farm or nonfarm earnings or both. 2011 e file You have used this method less than 5 years. 2011 e file (There is a 5-year lifetime limit. 2011 e file ) The years do not have to be one after another. 2011 e file Your net nonfarm profits were: Less than $5,024, and Less than 72. 2011 e file 189% of your gross nonfarm income. 2011 e file Net nonfarm profits. 2011 e file   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). 2011 e file   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. 2011 e file Gross nonfarm income. 2011 e file   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). 2011 e file 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. 2011 e file Table 10-1. 2011 e file Figuring Nonfarm Net Earnings IF your gross nonfarm income is. 2011 e file . 2011 e file . 2011 e file THEN your net earnings are equal to. 2011 e file . 2011 e file . 2011 e file $6,960 or less Two-thirds of your gross nonfarm income. 2011 e file More than $6,960 $4,640 Actual net earnings. 2011 e file   Your actual net earnings are 92. 2011 e file 35% of your total earnings subject to SE tax (that is, multiply total earnings subject to SE tax by 92. 2011 e file 35% (. 2011 e file 9235) to get actual net earnings). 2011 e file Actual net earnings are equivalent to net earnings figured using the regular method. 2011 e file Optional net earnings less than actual net earnings. 2011 e file   You cannot use this method to report an amount less than your actual net earnings from self-employment. 2011 e file Gross nonfarm income of $6,960 or less. 2011 e file   The following examples illustrate how to figure net earnings when gross nonfarm income is $6,960 or less. 2011 e file Example 1. 2011 e file Net nonfarm profit less than $5,024 and less than 72. 2011 e file 189% of gross nonfarm income. 2011 e file Ann Green runs a craft business. 2011 e file Her actual net earnings from self-employment were $800 in 2011 and $900 in 2012. 2011 e file She meets the test for being self-employed on a regular basis. 2011 e file She has used the nonfarm optional method less than 5 years. 2011 e file 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 × . 2011 e file 9235). 2011 e file Because her net profit is less than $5,024 and less than 72. 2011 e file 189% of her gross income, she can use the nonfarm optional method to figure net earnings of $3,600 (2/3 × $5,400). 2011 e file Because these net earnings are higher than her actual net earnings, she can report net earnings of $3,600 for 2013. 2011 e file Example 2. 2011 e file Net nonfarm profit less than $5,024 but not less than 72. 2011 e file 189% of gross nonfarm income. 2011 e file Assume that in Example 1 Ann's gross income is $1,000 and her net profit is $800. 2011 e file She must use the regular method to figure her net earnings. 2011 e file She cannot use the nonfarm optional method because her net profit is not less than 72. 2011 e file 189% of her gross income. 2011 e file Example 3. 2011 e file Net loss from a nonfarm business. 2011 e file Assume that in Example 1 Ann has a net loss of $700. 2011 e file She can use the nonfarm optional method and report $3,600 (2/3 × $5,400) as her net earnings. 2011 e file Example 4. 2011 e file Nonfarm net earnings less than $400. 2011 e file Assume that in Example 1 Ann has gross income of $525 and a net profit of $175. 2011 e file 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. 2011 e file Gross nonfarm income of more than $6,960. 2011 e file   The following examples illustrate how to figure net earnings when gross nonfarm income is more than $6,960. 2011 e file Example 1. 2011 e file Net nonfarm profit less than $5,024 and less than 72. 2011 e file 189% of gross nonfarm income. 2011 e file John White runs an appliance repair shop. 2011 e file His actual net earnings from self-employment were $10,500 in 2011 and $9,500 in 2012. 2011 e file He meets the test for being self-employed on a regular basis. 2011 e file He has used the nonfarm optional method less than 5 years. 2011 e file 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 × . 2011 e file 9235). 2011 e file Because his net profit is less than $5,024 and less than 72. 2011 e file 189% of his gross income, he can use the nonfarm optional method to figure net earnings of $4,640. 2011 e file Because these net earnings are higher than his actual net earnings, he can report net earnings of $4,640 for 2013. 2011 e file Example 2. 2011 e file Net nonfarm profit not less than $5,024. 2011 e file Assume that in Example 1 John's net profit is $5,400. 2011 e file He must use the regular method. 2011 e file He cannot use the nonfarm optional method because his net nonfarm profit is not less than $5,024. 2011 e file Example 3. 2011 e file Net loss from a nonfarm business. 2011 e file Assume that in Example 1 John has a net loss of $700. 2011 e file He can use the nonfarm optional method and report $4,640 as his net earnings from self-employment. 2011 e file Farm Optional Method Use the farm optional method only for earnings from a farming business. 2011 e file See Publication 225 for information about this method. 2011 e file 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. 2011 e file To figure your net earnings using both optional methods, you must: Figure your farm and nonfarm net earnings separately under each method. 2011 e file Do not combine farm earnings with nonfarm earnings to figure your net earnings under either method. 2011 e file Add the net earnings figured under each method to arrive at your total net earnings from self-employment. 2011 e file You can report less than your total actual farm and nonfarm net earnings but not less than actual nonfarm net earnings. 2011 e file If you use both optional methods, you can report no more than $4,640 as your combined net earnings from self-employment. 2011 e file Example. 2011 e file You are a self-employed farmer. 2011 e file You also operate a retail grocery store. 2011 e file 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. 2011 e file Table 10-2. 2011 e file 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. 2011 e file Method 1. 2011 e file Using the regular method for both farm and nonfarm income. 2011 e file Method 2. 2011 e file Using the optional method for farm income and the regular method for nonfarm income. 2011 e file Method 3. 2011 e file Using the regular method for farm income and the optional method for nonfarm income. 2011 e file Method 4. 2011 e file Using the optional method for both farm and nonfarm income. 2011 e file Note. 2011 e file Actual net earnings is the same as net earnings figured using the regular method. 2011 e file Table 10-3. 2011 e file 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. 2011 e file 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. 2011 e file 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. 2011 e file Reporting Self-Employment Tax Use Schedule SE (Form 1040) to figure and report your SE tax. 2011 e file Then enter the SE tax on line 56 of Form 1040 and attach Schedule SE to Form 1040. 2011 e file Most taxpayers can use Section A—Short Schedule SE to figure their SE tax. 2011 e file However, certain taxpayers must use Section B—Long Schedule SE. 2011 e file 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. 2011 e file Joint return. 2011 e file   Even if you file a joint return, you cannot file a joint Schedule SE. 2011 e file This is true whether one spouse or both spouses have earnings subject to SE tax. 2011 e file If both of you have earnings subject to SE tax, each of you must complete a separate Schedule SE. 2011 e file 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. 2011 e file Attach both schedules to the joint return. 2011 e file More than one business. 2011 e file   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. 2011 e file A loss from one business will reduce your profit from another business. 2011 e file File one Schedule SE showing the earnings from self-employment, but file a separate Schedule C, C-EZ, or F for each business. 2011 e file Example. 2011 e file You are the sole proprietor of two separate businesses. 2011 e file You operate a restaurant that made a net profit of $25,000. 2011 e file You also have a cabinetmaking business that had a net loss of $500. 2011 e file 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. 2011 e file You file Schedule SE showing total earnings subject to SE tax of $24,500. 2011 e file Prev  Up  Next   Home   More Online Publications
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Understanding Your CP232A Notice

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A. For more information on Employee Benefit Plans, see Retirement Plans Community.

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The 2011 E File

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