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Irs Instructions 1040ez 2012

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Irs Instructions 1040ez 2012

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The Irs Instructions 1040ez 2012

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