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Irs Tax Form 1120 For 2012

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Irs Tax Form 1120 For 2012

Irs tax form 1120 for 2012 3. Irs tax form 1120 for 2012   Exclusions From Gross Income Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Resident AliensForeign Earned Income and Housing Amount Nonresident AliensInterest Income Dividend Income Services Performed for Foreign Employer Gambling Winnings From Dog or Horse Racing Gain From the Sale of Your Main Home Scholarships and Fellowship GrantsExpenses that do not qualify. Irs tax form 1120 for 2012 Introduction Resident and nonresident aliens are allowed exclusions from gross income if they meet certain conditions. Irs tax form 1120 for 2012 An exclusion from gross income is generally income you receive that is not included in your U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 income and is not subject to U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 tax. Irs tax form 1120 for 2012 This chapter covers some of the more common exclusions allowed to resident and nonresident aliens. Irs tax form 1120 for 2012 Topics - This chapter discusses: Nontaxable interest, Nontaxable dividends, Certain compensation paid by a foreign employer, Gain from sale of home, and Scholarships and fellowship grants. Irs tax form 1120 for 2012 Useful Items - You may want to see: Publication 54 Tax Guide for U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 Citizens and Resident Aliens Abroad 523 Selling Your Home See chapter 12 for information about getting these publications. Irs tax form 1120 for 2012 Resident Aliens Resident aliens may be able to exclude the following items from their gross income. Irs tax form 1120 for 2012 Foreign Earned Income and Housing Amount If you are physically present in a foreign country or countries for at least 330 full days during any period of 12 consecutive months, you may qualify for the foreign earned income exclusion. Irs tax form 1120 for 2012 The exclusion is $97,600 in 2013. Irs tax form 1120 for 2012 In addition, you may be able to exclude or deduct certain foreign housing amounts. Irs tax form 1120 for 2012 You may also qualify if you are a bona fide resident of a foreign country and you are a citizen or national of a country with which the United States has an income tax treaty. Irs tax form 1120 for 2012 For more information, see Publication 54. Irs tax form 1120 for 2012 Foreign country. Irs tax form 1120 for 2012    A foreign country is any territory under the sovereignty of a government other than that of the United States. Irs tax form 1120 for 2012   The term “foreign country” includes the country's territorial waters and airspace, but not international waters and the airspace above them. Irs tax form 1120 for 2012 It also includes the seabed and subsoil of those submarine areas adjacent to the country's territorial waters over which it has exclusive rights under international law to explore and exploit the natural resources. Irs tax form 1120 for 2012   The term “foreign country” does not include U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 possessions or territories. Irs tax form 1120 for 2012 It does not include the Antarctic region. Irs tax form 1120 for 2012 Nonresident Aliens Nonresident aliens can exclude the following items from their gross income. Irs tax form 1120 for 2012 Interest Income Interest income that is not connected with a U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 trade or business is excluded from income if it is from: Deposits (including certificates of deposit) with persons in the banking business, Deposits or withdrawable accounts with mutual savings banks, cooperative banks, credit unions, domestic building and loan associations, and other savings institutions chartered and supervised as savings and loan or similar associations under federal or state law (if the interest paid or credited can be deducted by the association), and Amounts held by an insurance company under an agreement to pay interest on them. Irs tax form 1120 for 2012 State and local government obligations. Irs tax form 1120 for 2012   Interest on obligations of a state or political subdivision, the District of Columbia, or a U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 possession, generally is not included in income. Irs tax form 1120 for 2012 However, interest on certain private activity bonds, arbitrage bonds, and certain bonds not in registered form is included in income. Irs tax form 1120 for 2012 Portfolio interest. Irs tax form 1120 for 2012   Interest and original issue discount that qualifies as portfolio interest is not subject to NRA withholding. Irs tax form 1120 for 2012 To qualify as portfolio interest, the interest must be paid on obligations issued after July 18, 1984, and otherwise subject to NRA withholding. Irs tax form 1120 for 2012 Note. Irs tax form 1120 for 2012 For obligations issued after March 18, 2012, portfolio interest does not include interest paid on debt that is not in registered form. Irs tax form 1120 for 2012 Before March 19, 2012, portfolio interest included interest on certain registered and nonregistered (bearer) bonds if the obligations meet the requirements described below. Irs tax form 1120 for 2012 Obligations in registered form. Irs tax form 1120 for 2012   Portfolio interest includes interest paid on an obligation that is in registered form, and for which you have received documentation that the beneficial owner of the obligation is not a United States person. Irs tax form 1120 for 2012   Generally, an obligation is in registered form if: (i) the obligation is registered as to both principal and any stated interest with the issuer (or its agent) and any transfer of the obligation may be effected only by surrender of the old obligation and reissuance to the new holder; (ii) the right to principal and stated interest with respect to the obligation may be transferred only through a book entry system maintained by the issuer or its agent; or (iii) the obligation is registered as to both principal and stated interest with the issuer or its agent and can be transferred both by surrender and reissuance and through a book entry system. Irs tax form 1120 for 2012   An obligation that would otherwise be considered to be in registered form is not considered to be in registered form as of a particular time if it can be converted at any time in the future into an obligation that is not in registered form. Irs tax form 1120 for 2012 For more information on whether obligations are considered to be in registered form, see Portfolio interest in Publication 515. Irs tax form 1120 for 2012 Obligations not in registered form. Irs tax form 1120 for 2012    For obligations issued before March 19, 2012, interest on an obligation that is not in registered form (bearer obligation) is portfolio interest if the obligation is foreign-targeted. Irs tax form 1120 for 2012 A bearer obligation is foreign-targeted if: There are arrangements to ensure that the obligation will be sold, or resold in connection with the original issue, only to a person who is not a United States person, Interest on the obligation is payable only outside the United States and its possessions, and The face of the obligation contains a statement that any United States person who holds the obligation will be subject to limits under the United States income tax laws. Irs tax form 1120 for 2012   Documentation is not required for interest on bearer obligations to qualify as portfolio interest. Irs tax form 1120 for 2012 In some cases, however, you may need documentation for purposes of Form 1099 reporting and backup withholding. Irs tax form 1120 for 2012 Interest that does not qualify as portfolio interest. Irs tax form 1120 for 2012   Payments to certain persons and payments of contingent interest do not qualify as portfolio interest. Irs tax form 1120 for 2012 You must withhold at the statutory rate on such payments unless some other exception, such as a treaty provision, applies. Irs tax form 1120 for 2012 Contingent interest. Irs tax form 1120 for 2012   Portfolio interest does not include contingent interest. Irs tax form 1120 for 2012 Contingent interest is either of the following: Interest that is determined by reference to: Any receipts, sales, or other cash flow of the debtor or related person, Income or profits of the debtor or related person, Any change in value of any property of the debtor or a related person, or Any dividend, partnership distributions, or similar payments made by the debtor or a related person. Irs tax form 1120 for 2012 For exceptions, see Internal Revenue Code section 871(h)(4)(C). Irs tax form 1120 for 2012 Any other type of contingent interest that is identified by the Secretary of the Treasury in regulations. Irs tax form 1120 for 2012 Related persons. Irs tax form 1120 for 2012   Related persons include the following. Irs tax form 1120 for 2012 Members of a family, including only brothers, sisters, half-brothers, half-sisters, spouse, ancestors (parents, grandparents, etc. Irs tax form 1120 for 2012 ), and lineal descendants (children, grandchildren, etc. Irs tax form 1120 for 2012 ). Irs tax form 1120 for 2012 Any person who is a party to any arrangement undertaken for the purpose of avoiding the contingent interest rules. Irs tax form 1120 for 2012 Certain corporations, partnerships, and other entities. Irs tax form 1120 for 2012 For details, see Nondeductible Loss in chapter 2 of Publication 544. Irs tax form 1120 for 2012 Exception for existing debt. Irs tax form 1120 for 2012   Contingent interest does not include interest paid or accrued on any debt with a fixed term that was issued: On or before April 7, 1993, or After April 7, 1993, pursuant to a written binding contract in effect on that date and at all times thereafter before that debt was issued. Irs tax form 1120 for 2012 Dividend Income The following dividend income is exempt from the 30% tax. Irs tax form 1120 for 2012 Certain dividends paid by foreign corporations. Irs tax form 1120 for 2012   There is no 30% tax on U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 source dividends you receive from a foreign corporation. Irs tax form 1120 for 2012 See Second exception under Dividends in chapter 2 for how to figure the amount of U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 source dividends. Irs tax form 1120 for 2012 Certain interest-related dividends. Irs tax form 1120 for 2012   There is no 30% tax on interest-related dividends from sources within the United States that you receive from a mutual fund or other regulated investment company in 2013. Irs tax form 1120 for 2012 The mutual fund will designate in writing which dividends are interest-related dividends. Irs tax form 1120 for 2012 Certain short-term capital gain dividends. Irs tax form 1120 for 2012   There may not be any 30% tax on certain short-term capital gain dividends from sources within the United States that you receive from a mutual fund or other regulated investment company. Irs tax form 1120 for 2012 The mutual fund will designate in writing which dividends are short-term capital gain dividends. Irs tax form 1120 for 2012 This tax relief will not apply to you if you are present in the United States for 183 days or more during your tax year. Irs tax form 1120 for 2012 Services Performed for Foreign Employer If you were paid by a foreign employer, your U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 source income may be exempt from U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 tax, but only if you meet one of the situations discussed next. Irs tax form 1120 for 2012 Employees of foreign persons, organizations, or offices. Irs tax form 1120 for 2012   Income for personal services performed in the United States as a nonresident alien is not considered to be from U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 sources and is tax exempt if you meet all three of the following conditions. Irs tax form 1120 for 2012 You perform personal services as an employee of or under a contract with a nonresident alien individual, foreign partnership, or foreign corporation, not engaged in a trade or business in the United States; or you work for an office or place of business maintained in a foreign country or possession of the United States by a U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 corporation, a U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 partnership, or a U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 citizen or resident. Irs tax form 1120 for 2012 You perform these services while you are a nonresident alien temporarily present in the United States for a period or periods of not more than a total of 90 days during the tax year. Irs tax form 1120 for 2012 Your pay for these services is not more than $3,000. Irs tax form 1120 for 2012 If you do not meet all three conditions, your income from personal services performed in the United States is U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 source income and is taxed according to the rules in chapter 4. Irs tax form 1120 for 2012   If your pay for these services is more than $3,000, the entire amount is income from a trade or business within the United States. Irs tax form 1120 for 2012 To find if your pay is more than $3,000, do not include any amounts you get from your employer for advances or reimbursements of business travel expenses, if you were required to and did account to your employer for those expenses. Irs tax form 1120 for 2012 If the advances or reimbursements are more than your expenses, include the excess in your pay for these services. Irs tax form 1120 for 2012   A day means a calendar day during any part of which you are physically present in the United States. Irs tax form 1120 for 2012 Example 1. Irs tax form 1120 for 2012 During 2013, Henry Smythe, a nonresident alien from a nontreaty country, worked for an overseas office of a U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 partnership. Irs tax form 1120 for 2012 Henry, who uses the calendar year as his tax year, was temporarily present in the United States for 60 days during 2013 performing personal services for the overseas office of the partnership. Irs tax form 1120 for 2012 That office paid him a total gross salary of $2,800 for those services. Irs tax form 1120 for 2012 During 2013, he was not engaged in a trade or business in the United States. Irs tax form 1120 for 2012 The salary is not considered U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 source income and is exempt from U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 tax. Irs tax form 1120 for 2012 Example 2. Irs tax form 1120 for 2012 The facts are the same as in Example 1, except that Henry's total gross salary for the services performed in the United States during 2013 was $4,500. Irs tax form 1120 for 2012 He received $2,875 in 2013, and $1,625 in 2014. Irs tax form 1120 for 2012 During 2013, he was engaged in a trade or business in the United States because the compensation for his personal services in the United States was more than $3,000. Irs tax form 1120 for 2012 Henry's salary is U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 source income and is taxed under the rules in chapter 4. Irs tax form 1120 for 2012 Crew members. Irs tax form 1120 for 2012   Compensation for services performed by a nonresident alien in connection with the individual's temporary presence in the United States as a regular crew member of a foreign vessel (for example, a boat or ship) engaged in transportation between the United States and a foreign country or U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 possession is not U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 source income and is exempt from U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 tax. Irs tax form 1120 for 2012 This exemption does not apply to compensation for services performed on foreign aircraft. Irs tax form 1120 for 2012 Students and exchange visitors. Irs tax form 1120 for 2012   Nonresident alien students and exchange visitors present in the United States under “F,” “J,” or “Q” visas can exclude from gross income pay received from a foreign employer. Irs tax form 1120 for 2012   This group includes bona fide students, scholars, trainees, teachers, professors, research assistants, specialists, or leaders in a field of specialized knowledge or skill, or persons of similar description. Irs tax form 1120 for 2012 It also includes the alien's spouse and minor children if they come with the alien or come later to join the alien. Irs tax form 1120 for 2012   A nonresident alien temporarily present in the United States under a “J” visa includes an alien individual entering the United States as an exchange visitor under the Mutual Educational and Cultural Exchange Act of 1961. Irs tax form 1120 for 2012 Foreign employer. Irs tax form 1120 for 2012   A foreign employer is: A nonresident alien individual, foreign partnership, or foreign corporation, or An office or place of business maintained in a foreign country or in a U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 possession by a U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 corporation, a U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 partnership, or an individual who is a U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 citizen or resident. Irs tax form 1120 for 2012   The term “foreign employer” does not include a foreign government. Irs tax form 1120 for 2012 Pay from a foreign government that is exempt from U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 income tax is discussed in chapter 10. Irs tax form 1120 for 2012 Income from certain annuities. Irs tax form 1120 for 2012   Do not include in income any annuity received under a qualified annuity plan or from a qualified trust exempt from U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 income tax if you meet both of the following conditions. Irs tax form 1120 for 2012 You receive the annuity only because: You performed personal services outside the United States while you were a nonresident alien, or You performed personal services inside the United States while you were a nonresident alien and you met the three conditions, described earlier, under Employees of foreign persons, organizations, or offices . Irs tax form 1120 for 2012 At the time the first amount is paid as an annuity under the plan (or by the trust), 90% or more of the employees for whom contributions or benefits are provided under the annuity plan (or under the plan of which the trust is a part) are U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 citizens or residents. Irs tax form 1120 for 2012   If the annuity qualifies under condition (1) but not condition (2) above, you do not have to include the amount in income if: You are a resident of a country that gives a substantially equal exclusion to U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 citizens and residents, or You are a resident of a beneficiary developing country under Title V of the Trade Act of 1974. Irs tax form 1120 for 2012   If you are not sure whether the annuity is from a qualified annuity plan or qualified trust, ask the person who made the payment. Irs tax form 1120 for 2012 Income affected by treaties. Irs tax form 1120 for 2012   Income of any kind that is exempt from U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 tax under a treaty to which the United States is a party is excluded from your gross income. Irs tax form 1120 for 2012 Income on which the tax is only limited by treaty, however, is included in gross income. Irs tax form 1120 for 2012 See chapter 9. Irs tax form 1120 for 2012 Gambling Winnings From Dog or Horse Racing You can exclude from your gross income winnings from legal wagers initiated outside the United States in a parimutuel pool with respect to a live horse or dog race in the United States. Irs tax form 1120 for 2012 Gain From the Sale of Your Main Home If you sold your main home, you may be able to exclude up to $250,000 of the gain on the sale of your home. Irs tax form 1120 for 2012 If you are married and file a joint return, you may be able to exclude up to $500,000. Irs tax form 1120 for 2012 For information on the requirements for this exclusion, see Publication 523. Irs tax form 1120 for 2012 This exclusion does not apply to nonresident aliens who are subject to the expatriation tax rules discussed in chapter 4. Irs tax form 1120 for 2012 Scholarships and Fellowship Grants If you are a candidate for a degree, you may be able to exclude from your income part or all of the amounts you receive as a qualified scholarship. Irs tax form 1120 for 2012 The rules discussed here apply to both resident and nonresident aliens. Irs tax form 1120 for 2012 If a nonresident alien receives a grant that is not from U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 sources, it is not subject to U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 tax. Irs tax form 1120 for 2012 See Scholarships, Grants, Prizes, and Awards in chapter 2 to determine whether your grant is from U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 sources. Irs tax form 1120 for 2012 A scholarship or fellowship is excludable from income only if: You are a candidate for a degree at an eligible educational institution, and You use the scholarship or fellowship to pay qualified education expenses. Irs tax form 1120 for 2012 Candidate for a degree. Irs tax form 1120 for 2012   You are a candidate for a degree if you: Attend a primary or secondary school or are pursuing a degree at a college or university, or Attend an accredited educational institution that is authorized to provide: A program that is acceptable for full credit toward a bachelor's or higher degree, or A program of training to prepare students for gainful employment in a recognized occupation. Irs tax form 1120 for 2012 Eligible educational institution. Irs tax form 1120 for 2012   An eligible educational institution is one that maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities. Irs tax form 1120 for 2012 Qualified education expenses. Irs tax form 1120 for 2012   These are expenses for: Tuition and fees required to enroll at or attend an eligible educational institution, and Course-related expenses, such as fees, books, supplies, and equipment that are required for the courses at the eligible educational institution. Irs tax form 1120 for 2012 These items must be required of all students in your course of instruction. Irs tax form 1120 for 2012 However, in order for these to be qualified education expenses, the terms of the scholarship or fellowship cannot require that it be used for other purposes, such as room and board, or specify that it cannot be used for tuition or course-related expenses. Irs tax form 1120 for 2012 Expenses that do not qualify. Irs tax form 1120 for 2012   Qualified education expenses do not include the cost of: Room and board, Travel, Research, Clerical help, or Equipment and other expenses that are not required for enrollment in or attendance at an eligible educational institution. Irs tax form 1120 for 2012 This is true even if the fee must be paid to the institution as a condition of enrollment or attendance. Irs tax form 1120 for 2012 Scholarship or fellowship amounts used to pay these costs are taxable. Irs tax form 1120 for 2012 Amounts used to pay expenses that do not qualify. Irs tax form 1120 for 2012   A scholarship amount used to pay any expense that does not qualify is taxable, even if the expense is a fee that must be paid to the institution as a condition of enrollment or attendance. Irs tax form 1120 for 2012 Payment for services. Irs tax form 1120 for 2012   You cannot exclude from income the portion of any scholarship, fellowship, or tuition reduction that represents payment for past, present, or future teaching, research, or other services. Irs tax form 1120 for 2012 This is true even if all candidates for a degree are required to perform the services as a condition for receiving the degree. Irs tax form 1120 for 2012 Example. Irs tax form 1120 for 2012 On January 7, Maria Gomez is notified of a scholarship of $2,500 for the spring semester. Irs tax form 1120 for 2012 As a condition for receiving the scholarship, Maria must serve as a part-time teaching assistant. Irs tax form 1120 for 2012 Of the $2,500 scholarship, $1,000 represents payment for her services. Irs tax form 1120 for 2012 Assuming that Maria meets all other conditions, she can exclude no more than $1,500 from income as a qualified scholarship. Irs tax form 1120 for 2012 Prev  Up  Next   Home   More Online Publications
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PTIN Application Checklist: What you need to get started

Before you begin your PTIN application, be sure you have the following available:

  • Social Security Number
  • Personal information (name, mailing address, date of birth)
  • Business information (name, mailing address, telephone number)
  • Previous year’s individual tax return (name, address, filing status) 1
  • Explanations for felony convictions (if any) 2
  • Explanations for problems with your U.S. individual or business tax obligations (if any) 2
  • Credit or debit card for the $64.25 PTIN user fee
  • If applicable, your supervisor’s PTIN (view the Notice 2011-6 fact sheet for more information)
  • If applicable, any U.S.-based professional certification information (CPA, attorney, enrolled agent, enrolled retirement plan agent, enrolled actuary, certified acceptance agent, or state license) including certification number, jurisdiction of issuance, and expiration date

Once you gather all of your information, just follow four easy steps to obtain your PTIN:

  • Create Your Account — First, you must create an account by providing your name, email address and security question information. The system will then email your temporary password, which you will change when you go back to enter your information in the PTIN application.

  • Apply for Your PTIN — You will complete the online application by providing personal information, information about your previous year’s tax return, professional credentials, and more as shown above.

  • Pay Your Fee — The application will transfer you to our partner bank where you will make your payment of $64.25 by credit card or direct debit.

  • Get Your PTIN — After the bank confirms your payment, your PTIN is provided online.

Note: All PTIN correspondence is delivered through secure online messaging in your PTIN account. Use the most up-to-date email address when obtaining your PTIN to ensure that you receive our messages.


1 Tax return information is required to authenticate your identity. If you filed your tax return in the past 8 weeks, please use a previous year’s individual tax return.

2 Felony convictions and discrepancies with your federal tax obligations may affect your ability to obtain a PTIN

Page Last Reviewed or Updated: 07-Jan-2014

The Irs Tax Form 1120 For 2012

Irs tax form 1120 for 2012 13. Irs tax form 1120 for 2012   Employment Taxes Table of Contents What's New for 2013 What's New for 2014 Reminders Important Dates for 2014 Introduction Topics - This chapter discusses: Useful Items - You may want to see: Farm Employment Family Employees Crew Leaders Social Security and Medicare TaxesReligious exemption. Irs tax form 1120 for 2012 Wage limit. Irs tax form 1120 for 2012 Federal Income Tax WithholdingNew Form W-4 for 2014. Irs tax form 1120 for 2012 Required Notice to Employees About Earned Income Credit (EIC) Reporting and Paying Social Security, Medicare, and Withheld Federal Income TaxesElectronic deposit requirement. Irs tax form 1120 for 2012 Federal Unemployment (FUTA) TaxReporting and Paying FUTA Tax What's New for 2013 Social security and Medicare tax for 2013. Irs tax form 1120 for 2012  The employee tax rate for social security is 6. Irs tax form 1120 for 2012 2%. Irs tax form 1120 for 2012 Previously, the employee tax rate for social security was 4. Irs tax form 1120 for 2012 2%. Irs tax form 1120 for 2012 The employer tax rate for social security remains unchanged at 6. Irs tax form 1120 for 2012 2%. Irs tax form 1120 for 2012 The social security wage base limit is $113,700. Irs tax form 1120 for 2012 The Medicare tax rate is 1. Irs tax form 1120 for 2012 45% each for the employee and employer, unchanged from 2012. Irs tax form 1120 for 2012 There is no wage base limit for Medicare tax. Irs tax form 1120 for 2012 Additional Medicare Tax. Irs tax form 1120 for 2012  In addition to withholding Medicare tax at 1. Irs tax form 1120 for 2012 45%, you must withhold a 0. Irs tax form 1120 for 2012 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Irs tax form 1120 for 2012 You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. Irs tax form 1120 for 2012 Additional Medicare Tax is only imposed on the employee. Irs tax form 1120 for 2012 There is no employer share of Additional Medicare Tax. Irs tax form 1120 for 2012 All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 threshold. Irs tax form 1120 for 2012 For more information on what wages are subject to Medicare tax, see the chart, Special Rules for Various Types of Services and Payments, in section 15 of Publication 15 (Circular E), Employer's Tax Guide. Irs tax form 1120 for 2012 For more information on Additional Medicare Tax, visit IRS. Irs tax form 1120 for 2012 gov and enter “Additional Medicare Tax” in the search box. Irs tax form 1120 for 2012 Leave-based donation programs to aid victims of Hurricane Sandy. Irs tax form 1120 for 2012  Under these programs, employees may donate their vacation, sick, or personal leave in exchange for employer cash payments made before January 1, 2014, to qualified tax-exempt organizations providing relief for the victims of Hurricane Sandy. Irs tax form 1120 for 2012 The donated leave will not be included in the income or wages of the employee. Irs tax form 1120 for 2012 The employer may deduct the cash payments as business expenses or charitable contributions. Irs tax form 1120 for 2012 For more information, see Notice 2012-69, 2012-51 I. Irs tax form 1120 for 2012 R. Irs tax form 1120 for 2012 B. Irs tax form 1120 for 2012 712, available at www. Irs tax form 1120 for 2012 irs. Irs tax form 1120 for 2012 gov/irb/2012-51_IRB/ar09. Irs tax form 1120 for 2012 html. Irs tax form 1120 for 2012 Work opportunity tax credit for qualified tax-exempt organizations hiring qualified veterans extended. Irs tax form 1120 for 2012  The work opportunity tax credit is now available for eligible unemployed veterans who begin work before January 1, 2014. Irs tax form 1120 for 2012 Previously, the credit was available for unemployed veterans who began work on or after November 22, 2011, and before January 1, 2013. Irs tax form 1120 for 2012 Qualified tax-exempt organizations that hire eligible unemployed veterans can claim the work opportunity tax credit against their payroll tax liability using Form 5884-C, Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans. Irs tax form 1120 for 2012 For more information, visit IRS. Irs tax form 1120 for 2012 gov and enter “work opportunity credit” in the search box. Irs tax form 1120 for 2012 What's New for 2014 Social security and Medicare tax for 2014. Irs tax form 1120 for 2012  The employee and employer tax rates for social security and the maximum amount of wages subject to social security tax for 2014 will be discussed in Publication 51 (Circular A), Agricultural Employer's Tax Guide (For use in 2014). Irs tax form 1120 for 2012 The Medicare tax rate for 2014 will also be discussed in Publication 51 (Circular A) (For use in 2014). Irs tax form 1120 for 2012 There is no limit on the amount of wages subject to Medicare tax. Irs tax form 1120 for 2012 Reminders Additional employment tax information for farmers. Irs tax form 1120 for 2012  See Publication 51 (Circular A) for more detailed guidance on employment taxes. Irs tax form 1120 for 2012 For the latest information about employment tax developments impacting farmers, go to www. Irs tax form 1120 for 2012 irs. Irs tax form 1120 for 2012 gov/pub51. Irs tax form 1120 for 2012 Correcting a previously filed Form 943. Irs tax form 1120 for 2012  If you discover an error on a previously filed Form 943, Employer's Annual Federal Tax Return for Agricultural Employees, make the correction using Form 943-X, Adjusted Employer's Annual Federal Tax Return for Agricultural Employees or Claim for Refund. Irs tax form 1120 for 2012 Form 943-X is filed separately from Form 943. Irs tax form 1120 for 2012 For more information on correcting Form 943, see the Instructions for Form 943-X. Irs tax form 1120 for 2012 Federal tax deposits must be made by electronic funds transfer. Irs tax form 1120 for 2012  You must use electronic funds transfer to make all federal tax deposits. Irs tax form 1120 for 2012 Generally, electronic funds transfers are made using the Electronic Federal Tax Payment System (EFTPS). Irs tax form 1120 for 2012 If you do not want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make electronic deposits on your behalf. Irs tax form 1120 for 2012 Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. Irs tax form 1120 for 2012 EFTPS is a free service provided by the Department of Treasury. Irs tax form 1120 for 2012 Services provided by your tax professional, financial institution, payroll service, or other third party may have a fee. Irs tax form 1120 for 2012 For more information on making federal tax deposits, see section 7 of Publication 51 (Circular A). Irs tax form 1120 for 2012 To get more information about EFTPS or to enroll in EFTPS, visit www. Irs tax form 1120 for 2012 eftps. Irs tax form 1120 for 2012 gov or call 1-800-555-4477 or 1-800-733-4829 (TDD). Irs tax form 1120 for 2012 Additional information about EFTPS is also available in Publication 966, Electronic Federal Tax Payment System: A Guide To Getting Started. Irs tax form 1120 for 2012 Important Dates for 2014 You should take the action indicated by the dates listed. Irs tax form 1120 for 2012 See By February 15 and On February 16 for Form W-4, Employee's Withholding Allowance Certificate, information. Irs tax form 1120 for 2012 Due dates for deposits of withheld federal income taxes, social security taxes, and Medicare taxes are not listed here. Irs tax form 1120 for 2012 For these dates, see Publication 509, Tax Calendars (For use in 2014). Irs tax form 1120 for 2012 Note. Irs tax form 1120 for 2012  If any date shown below for filing a return, furnishing a form, or depositing taxes falls on a Saturday, Sunday, or legal holiday, the due date is the next business day. Irs tax form 1120 for 2012 A statewide legal holiday delays a filing or furnishing due date only if the IRS office where you are required to file a return or furnish a form is located in that state. Irs tax form 1120 for 2012 For any due date, you will meet the “file” or “furnish” date requirement if the envelope containing the tax return or form is properly addressed, contains sufficient postage, and is postmarked by the U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 Postal Service by the due date, or sent by an IRS-designated delivery service by the due date. Irs tax form 1120 for 2012 See Private delivery services in Publication 51 (Circular A). Irs tax form 1120 for 2012 Federal tax deposits can only be made by electronic funds transfer and are governed by legal holidays in the District of Columbia. Irs tax form 1120 for 2012 Statewide holidays no longer apply. Irs tax form 1120 for 2012 For a list of legal holidays that delay the due date of a federal tax deposit, see section 7 of Publication 51 (Circular A). Irs tax form 1120 for 2012 Fiscal year taxpayers. Irs tax form 1120 for 2012  The due dates listed below apply whether you use a calendar or a fiscal year. Irs tax form 1120 for 2012 By January 31. Irs tax form 1120 for 2012   File Form 943 with the IRS. Irs tax form 1120 for 2012 If you deposited all Form 943 taxes when due, you have 10 additional days to file. Irs tax form 1120 for 2012 Furnish each employee with a completed Form W-2, Wage and Tax Statement. Irs tax form 1120 for 2012 Furnish each recipient to whom you paid $600 or more in nonemployee compensation with a completed Form 1099 (for example, Form 1099-MISC). Irs tax form 1120 for 2012 File Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return, with the IRS. Irs tax form 1120 for 2012 If you deposited all the FUTA tax when due, you have 10 additional days to file. Irs tax form 1120 for 2012 File Form 945, Annual Return of Withheld Federal Income Tax, with the IRS to report any nonpayroll income tax withheld during 2013. Irs tax form 1120 for 2012 If you deposited all Form 945 taxes when due, you have 10 additional days to file. Irs tax form 1120 for 2012 By February 15. Irs tax form 1120 for 2012  Ask for a new Form W-4 or Formulario W-4(SP), Certificado de Exención de Retenciones del Empleado, from each employee who claimed exemption from federal income tax withholding last year. Irs tax form 1120 for 2012 On February 16. Irs tax form 1120 for 2012  Any Form W-4 claiming exemption from withholding for the previous year has now expired. Irs tax form 1120 for 2012 Begin withholding for any employee who previously claimed exemption from withholding but has not given you a new Form W-4 for the current year. Irs tax form 1120 for 2012 If the employee does not give you a new Form W-4, withhold taxes based on the last valid Form W-4 you have for the employee that does not claim exemption from withholding or, if one does not exist, as if he or she is single with zero withholding allowances. Irs tax form 1120 for 2012 If the employee furnishes a new Form W-4 claiming exemption from withholding after February 15, you may apply the exemption to future wages, but do not refund taxes withheld while the exempt status was not in place. Irs tax form 1120 for 2012 By February 28. Irs tax form 1120 for 2012   File paper Forms 1099 and 1096. Irs tax form 1120 for 2012 File Copy A of all paper Forms 1099 with Form 1096, Annual Summary and Transmittal of U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 Information Returns, with the IRS. Irs tax form 1120 for 2012 For electronically filed returns, see By March 31 below. Irs tax form 1120 for 2012 File paper Forms W-2 and W-3. Irs tax form 1120 for 2012 File Copy A of all paper Forms W-2 with Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration (SSA). Irs tax form 1120 for 2012 For electronically filed returns, see By March 31 below. Irs tax form 1120 for 2012 By March 31. Irs tax form 1120 for 2012   File electronic Forms W-2 and 1099. Irs tax form 1120 for 2012 File electronic Forms W-2 with the SSA and Forms 1099 with the IRS. Irs tax form 1120 for 2012 For more information on reporting Form W-2 information to the SSA electronically, visit the SSA's Employer W-2 Filing Instructions & Information webpage at www. Irs tax form 1120 for 2012 socialsecurity. Irs tax form 1120 for 2012 gov/employer. Irs tax form 1120 for 2012 For information on filing information returns electronically with the IRS, see Publication 1220, Specifications for Filing Forms 1097, 1098, 1099, 3921, 3922, 5498, 8935, and W-2G Electronically. Irs tax form 1120 for 2012 By April 30, July 31, October 31, and January 31. Irs tax form 1120 for 2012   Deposit FUTA taxes. Irs tax form 1120 for 2012 Deposit FUTA tax due if it is more than $500. Irs tax form 1120 for 2012 Before December 1. Irs tax form 1120 for 2012  Remind employees to submit a new Form W-4 if their withholding allowances have changed or will change for the next year. Irs tax form 1120 for 2012 Introduction You are generally required to withhold federal income tax from the wages of your employees. Irs tax form 1120 for 2012 You may also be subject to social security and Medicare taxes under the Federal Insurance Contributions Act (FICA) and federal unemployment tax under the Federal Unemployment Tax Act (FUTA). Irs tax form 1120 for 2012 You must also withhold Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Irs tax form 1120 for 2012 This chapter includes information about these taxes. Irs tax form 1120 for 2012 You must also pay self-employment tax on your net earnings from farming. Irs tax form 1120 for 2012 See chapter 12 for information on self-employment tax. Irs tax form 1120 for 2012 Topics - This chapter discusses: Farm employment, Family employees, Crew leaders, Social security and Medicare taxes, Additional Medicare Tax withholding, Federal income tax withholding, Reporting and paying social security, Medicare, and withheld federal income taxes, and FUTA tax. Irs tax form 1120 for 2012 Useful Items - You may want to see: Publication 15 (Circular E), Employer's Tax Guide 15-A Employer's Supplemental Tax Guide 15-B Employer's Tax Guide to Fringe Benefits 51 (Circular A), Agricultural Employer's Tax Guide 926 Household Employer's Tax Guide Form (and Instructions) W-2 Wage and Tax Statement W-4 Employee's Withholding Allowance Certificate W-9 Request for Taxpayer Identification Number and Certification 940 Employer's Annual Federal Unemployment (FUTA) Tax Return 943 Employer's Annual Federal Tax Return for Agricultural Employees 943-X Adjusted Employer's Annual Federal Tax Return for Agricultural Employees or Claim for Refund See chapter 16 for information about getting publications and forms. Irs tax form 1120 for 2012 Farm Employment In general, you are an employer of farmworkers if your employees do any of the following types of work. Irs tax form 1120 for 2012 Raising or harvesting agricultural or horticultural products on a farm, including raising and feeding of livestock. Irs tax form 1120 for 2012 Operating, managing, conserving, improving, or maintaining your farm and its tools and equipment. Irs tax form 1120 for 2012 Services performed in salvaging timber, or clearing land of brush and other debris, left by a hurricane (also known as hurricane labor). Irs tax form 1120 for 2012 Handling, processing, or packaging any agricultural or horticultural commodity if you produced more than half of the commodity (for a group of up to 20 unincorporated operators, all of the commodity). Irs tax form 1120 for 2012 Work related to cotton ginning, turpentine, gum resin products, or the operation and maintenance of irrigation facilities. Irs tax form 1120 for 2012 For more information, see Publication 51 (Circular A). Irs tax form 1120 for 2012 Generally, a worker who performs services for you is your employee if you have the right to control what will be done and how it will be done. Irs tax form 1120 for 2012 This is so even when you give the employee freedom of action. Irs tax form 1120 for 2012 What matters is that you have the right to control the details of how the services are performed. Irs tax form 1120 for 2012 You are responsible for withholding and paying employment taxes for your employees. Irs tax form 1120 for 2012 You are also required to file employment tax returns. Irs tax form 1120 for 2012 These requirements do not apply to amounts that you pay to independent contractors. Irs tax form 1120 for 2012 See Publication 15-A for more information on how to determine whether an individual providing services is an independent contractor or an employee. Irs tax form 1120 for 2012 If you employ a family of workers, each worker subject to your control (not just the head of the family) is an employee. Irs tax form 1120 for 2012 Special rules apply to crew leaders. Irs tax form 1120 for 2012 See Crew Leaders , later. Irs tax form 1120 for 2012 Employer identification number (EIN). Irs tax form 1120 for 2012   If you have employees, you must have an EIN. Irs tax form 1120 for 2012 If you do not have an EIN, you may apply for one online. Irs tax form 1120 for 2012 Go to IRS. Irs tax form 1120 for 2012 gov and click on the Apply for an EIN Online link under Tools. Irs tax form 1120 for 2012 You may also apply for an EIN by calling 1-800-829-4933 or 1-800-829-4059 (TDD/TTY for persons who are deaf, hard of hearing, or have a speech disability). Irs tax form 1120 for 2012 The hours of operation for both numbers are Monday–Friday form 7:00 a. Irs tax form 1120 for 2012 m. Irs tax form 1120 for 2012 –7:00 p. Irs tax form 1120 for 2012 m. Irs tax form 1120 for 2012 local time (Alaska and Hawaii follow Pacific time). Irs tax form 1120 for 2012 You can also fax or mail Form SS-4, Application for Employer Identification Number, to the IRS. Irs tax form 1120 for 2012 Employee's social security number (SSN). Irs tax form 1120 for 2012   An employee who does not have an SSN should submit Form SS-5, Application for a Social Security Card, to the Social Security Administration (SSA). Irs tax form 1120 for 2012 Form SS-5 is available from any SSA office or by calling 1-800-772-1213 (operates 24 hours per day). Irs tax form 1120 for 2012 It is also available from the SSA's website at www. Irs tax form 1120 for 2012 socialsecurity. Irs tax form 1120 for 2012 gov. Irs tax form 1120 for 2012   The employee must furnish evidence of age, identity, and U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 citizenship or lawful immigration status permitting employment with the Form SS-5. Irs tax form 1120 for 2012 An employee who is age 18 or older must appear in person with this evidence at an SSA office. Irs tax form 1120 for 2012 Form I-9. Irs tax form 1120 for 2012    You must verify that each new employee is legally eligible to work in the United States. Irs tax form 1120 for 2012 This includes completing the Form I-9, Employment Eligibility Verification. Irs tax form 1120 for 2012 Form I-9 is available from the U. Irs tax form 1120 for 2012 S. Irs tax form 1120 for 2012 Citizenship and Immigration Services (USCIS) offices or by calling the Bureau of Citizenship and Immigration Services Forms Request Line at 1-800-870-3676. Irs tax form 1120 for 2012 Form I-9 is also available from the USCIS website at www. Irs tax form 1120 for 2012 uscis. Irs tax form 1120 for 2012 gov. Irs tax form 1120 for 2012 You can also contact the USCIS at 1-800-375-5283 for more information. Irs tax form 1120 for 2012 New hire reporting. Irs tax form 1120 for 2012   You are required to report any new employee to a designated state new hire registry. Irs tax form 1120 for 2012 Many states accept a copy of Form W-4 with employer information added. Irs tax form 1120 for 2012 Visit the Office of Child Support Enforcement website at www. Irs tax form 1120 for 2012 acf. Irs tax form 1120 for 2012 hhs. Irs tax form 1120 for 2012 gov/programs/cse/newhire for more information. Irs tax form 1120 for 2012 Family Employees Generally, the wages you pay to family members who are your employees are subject to employment taxes. Irs tax form 1120 for 2012 However, certain exemptions may apply to wages paid to your child, spouse, or parent. Irs tax form 1120 for 2012 Exemptions for your child. Irs tax form 1120 for 2012   Payments for the services of your child under age 18 who works for you in your trade or business (including a farm) are not subject to social security and Medicare taxes. Irs tax form 1120 for 2012 However, see Nonexempt services of a child or spouse , later. Irs tax form 1120 for 2012 Payments for the services of your child under age 21 employed by you in other than a trade or business, such as payments for household services in your home, are also not subject to social security or Medicare taxes. Irs tax form 1120 for 2012 Payments for the services of your child under age 21 employed by you, whether or not in your trade or business, are not subject to FUTA tax. Irs tax form 1120 for 2012 Although not subject to social security, Medicare, or FUTA tax, the child's wages still may be subject to federal income tax withholding. Irs tax form 1120 for 2012 Exemptions for your spouse. Irs tax form 1120 for 2012   Payments for the services of your spouse who works for you in your trade or business are subject to federal income tax withholding and social security and Medicare taxes, but not FUTA tax. Irs tax form 1120 for 2012   Payments for the services of your spouse employed by you in other than a trade or business, such as payments for household services in your home, are not subject to social security, Medicare, or FUTA taxes. Irs tax form 1120 for 2012 Nonexempt services of a child or spouse. Irs tax form 1120 for 2012   Payments for the services of your child or spouse are subject to federal income tax withholding as well as social security, Medicare, and FUTA taxes if he or she works for any of the following entities. Irs tax form 1120 for 2012 A corporation, even if it is controlled by you. Irs tax form 1120 for 2012 A partnership, even if you are a partner. Irs tax form 1120 for 2012 This does not apply to wages paid to your child if each partner is a parent of the child. Irs tax form 1120 for 2012 An estate or trust, even if it is the estate of a deceased parent. Irs tax form 1120 for 2012 In these situations, the child or spouse is considered to work for the corporation, partnership, or estate, not you. Irs tax form 1120 for 2012 Exemptions for your parent. Irs tax form 1120 for 2012   Payments for the services of your parent employed by you in your trade or business are subject to federal income tax withholding and social security and Medicare taxes. Irs tax form 1120 for 2012 Social security and Medicare taxes do not apply to wages paid to your parent for services not in your trade or business, but they do apply to payments for household services in your home if both the following conditions are satisfied. Irs tax form 1120 for 2012 You have a child living in your home who is under age 18 or has a physical or mental condition that requires care by an adult for at least 4 continuous weeks in a calendar quarter. Irs tax form 1120 for 2012 You are a widow or widower; or divorced and not remarried; or have a spouse in the home who, because of a physical or mental condition, cannot care for your child for at least 4 continuous weeks in the quarter. Irs tax form 1120 for 2012   Wages you pay to your parent are not subject to FUTA tax, regardless of the type of services provided. Irs tax form 1120 for 2012 Qualified joint venture. Irs tax form 1120 for 2012   If spouses elect to be treated as a qualified joint venture instead of a partnership, either spouse may report and pay the employment taxes due on the wages paid to employees using the EIN of that spouse's sole proprietorship. Irs tax form 1120 for 2012 For more information about qualified joint ventures, see chapter 12. Irs tax form 1120 for 2012 Crew Leaders If farmworkers are provided by a crew leader, the crew leader may be the employer of the workers. Irs tax form 1120 for 2012 Social security and Medicare taxes. Irs tax form 1120 for 2012   For social security and Medicare tax purposes, the crew leader is the employer of the workers if both of the following requirements are met. Irs tax form 1120 for 2012 The crew leader pays (either on his or her own behalf or on behalf of the farmer) the workers for their farm labor. Irs tax form 1120 for 2012 The crew leader has not entered into a written agreement with the farmer under which the crew leader is designated as an employee of the farmer. Irs tax form 1120 for 2012 Federal income tax withholding. Irs tax form 1120 for 2012   If the crew leader is the employer for social security and Medicare tax purposes, the crew leader is the employer for federal income tax withholding purposes. Irs tax form 1120 for 2012 Federal unemployment (FUTA) tax. Irs tax form 1120 for 2012   For FUTA tax purposes, the crew leader is the employer of the workers if, in addition to the earlier requirements, either of the following requirements are met. Irs tax form 1120 for 2012 The crew leader is registered under the Migrant and Seasonal Agricultural Worker Protection Act. Irs tax form 1120 for 2012 Substantially all crew members operate or maintain mechanized equipment provided by the crew leader as part of the service to the farmer. Irs tax form 1120 for 2012   The farmer is the employer of workers furnished by a crew leader in all other situations. Irs tax form 1120 for 2012 In addition, the farmer is the employer of workers furnished by a registered crew leader if the workers are the employees of the farmer under the common-law test. Irs tax form 1120 for 2012 For example, some farmers employ individuals to recruit farmworkers exclusively for them. Irs tax form 1120 for 2012 Although these individuals may be required to register under the Migrant and Seasonal Agricultural Worker Protection Act, the workers are employed directly by the farmer. Irs tax form 1120 for 2012 The farmer is the employer in these cases. Irs tax form 1120 for 2012 For information about common-law employees, see section 1 of Publication 15-A. Irs tax form 1120 for 2012 For information about crew leaders, see the Department of Labor website at www. Irs tax form 1120 for 2012 dol. Irs tax form 1120 for 2012 gov/whd/regs/compliance/whdfs49. Irs tax form 1120 for 2012 htm. Irs tax form 1120 for 2012 Social Security and Medicare Taxes All cash wages you pay to an employee during the year for farmwork are subject to social security and Medicare taxes if you meet either of the following tests. Irs tax form 1120 for 2012 You pay the employee $150 or more in cash wages (count all wages paid on a time, piecework, or other basis) during the year for farmwork (the $150 test). Irs tax form 1120 for 2012 The $150 test applies separately to each farmworker that you employ. Irs tax form 1120 for 2012 If you employ a family of workers, each member is treated separately. Irs tax form 1120 for 2012 Do not count wages paid by other employers. Irs tax form 1120 for 2012 You pay cash and noncash wages of $2,500 or more during the year to all your employees for farmwork (the $2,500 test). Irs tax form 1120 for 2012 If the $2,500 test for the group is not met, the $150 test for an employee still applies. Irs tax form 1120 for 2012 Exceptions. Irs tax form 1120 for 2012   Annual cash wages of less than $150 you pay to a seasonal farmworker are not subject to social security and Medicare taxes, even if you pay $2,500 or more to all your farmworkers. Irs tax form 1120 for 2012 However, these wages count toward the $2,500 test for determining whether other farmworkers' wages are subject to social security and Medicare taxes. Irs tax form 1120 for 2012   A seasonal farmworker is a worker who: Works as a hand-harvest laborer, Is paid piece rates in an operation usually paid on this basis in the region of employment, Commutes daily from his or her permanent home to the farm, and Worked in agriculture less than 13 weeks in the preceding calendar year. Irs tax form 1120 for 2012   See Family Employees , earlier, for certain exemptions from social security and Medicare taxes that apply to your child, spouse, and parent. Irs tax form 1120 for 2012 Religious exemption. Irs tax form 1120 for 2012   An exemption from social security and Medicare taxes is available to members of a recognized religious group or division opposed to public insurance. Irs tax form 1120 for 2012 This exemption is available only if both the employee and the employer are members of the group or division. Irs tax form 1120 for 2012   For more information, see Publication 517, Social Security and Other Information for Members of the Clergy and Religious Workers. Irs tax form 1120 for 2012 Cash wages. Irs tax form 1120 for 2012   Only cash wages paid to farmworkers are subject to social security and Medicare taxes. Irs tax form 1120 for 2012 Cash wages include checks, money orders, and any kind of money or cash. Irs tax form 1120 for 2012   Only cash wages subject to social security and Medicare taxes are credited to your employees for social security benefit purposes. Irs tax form 1120 for 2012 Payments not subject to these taxes, such as commodity wages, do not contribute to your employees' social security coverage. Irs tax form 1120 for 2012 For information about social security benefits, contact the SSA at 1-800-772-1213 or online at www. Irs tax form 1120 for 2012 socialsecurity. Irs tax form 1120 for 2012 gov. Irs tax form 1120 for 2012 Noncash wages. Irs tax form 1120 for 2012    Noncash wages include food, lodging, clothing, transportation passes, and other goods and services. Irs tax form 1120 for 2012 Noncash wages paid to farmworkers, including commodity wages, are not subject to social security and Medicare taxes. Irs tax form 1120 for 2012 However, they are subject to these taxes if the substance of the transaction is a cash payment. Irs tax form 1120 for 2012 For information on lodging provided as a condition of employment, see Publication 15-B. Irs tax form 1120 for 2012   Report the value of noncash wages in box 1 of Form W-2 together with cash wages. Irs tax form 1120 for 2012 Do not show noncash wages in box 3 or in box 5, (unless the substance of the transaction is a cash payment). Irs tax form 1120 for 2012 Tax rates and social security wage limit. Irs tax form 1120 for 2012   For 2013, the employer and the employee will pay the following taxes. Irs tax form 1120 for 2012 The employer and employee each pay 6. Irs tax form 1120 for 2012 2% of cash wages for social security tax (old-age, survivors, and disability insurance). Irs tax form 1120 for 2012 The employer and employee each pay 1. Irs tax form 1120 for 2012 45% of cash wages for Medicare tax (hospital insurance). Irs tax form 1120 for 2012 The employee pays 0. Irs tax form 1120 for 2012 9% of cash wages in excess of $200,000 for Additional Medicare Tax. Irs tax form 1120 for 2012 Wage limit. Irs tax form 1120 for 2012   The limit on wages subject to the social security tax for 2013 is $113,700. Irs tax form 1120 for 2012 There is no limit on wages subject to the Medicare tax. Irs tax form 1120 for 2012 All covered wages are subject to the Medicare tax. Irs tax form 1120 for 2012 Additionally, all wages in excess of $200,000 are subject to Additional Medicare Tax withholding. Irs tax form 1120 for 2012 Paying employee's share. Irs tax form 1120 for 2012   If you would rather pay the employee's share of social security and Medicare taxes without deducting it from his or her wages, you may do so. Irs tax form 1120 for 2012 It is additional income to the employee. Irs tax form 1120 for 2012 You must include it in box 1 of the employee's Form W-2, but do not count it as social security and Medicare wages (boxes 3 and 5 on Form W-2) or as wages for federal unemployment (FUTA) tax purposes. Irs tax form 1120 for 2012 Example. Irs tax form 1120 for 2012 Jane operates a small family fruit farm. Irs tax form 1120 for 2012 She employs day laborers in the picking season to enable her to timely get her crop to market. Irs tax form 1120 for 2012 She does not deduct the employees' share of social security and Medicare taxes from their pay; instead, she pays it on their behalf. Irs tax form 1120 for 2012 When her accountant, Susan, prepares the employees' Forms W-2, she adds each employee's share of social security and Medicare taxes paid by Jane to the employee's wage income (box 1 of Form W-2), but does not include it in box 3 (social security wages) or box 5 (Medicare wages and tips). Irs tax form 1120 for 2012 For 2013, Jane paid Mary $1,000 during the year. Irs tax form 1120 for 2012 Susan enters $1,076. Irs tax form 1120 for 2012 50 in box 1 of Mary's Form W-2 ($1,000 wages plus $76. Irs tax form 1120 for 2012 50 social security and Medicare taxes paid for Mary). Irs tax form 1120 for 2012 She enters $1,000 in boxes 3 and 5 of Mary's Form W-2. Irs tax form 1120 for 2012 Additional Medicare Tax. Irs tax form 1120 for 2012   In addition to withholding Medicare tax at 1. Irs tax form 1120 for 2012 45%, you must withhold a 0. Irs tax form 1120 for 2012 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Irs tax form 1120 for 2012 You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. Irs tax form 1120 for 2012 Additional Medicare Tax is only imposed on the employee. Irs tax form 1120 for 2012 There is no employer share of Additional Medicare Tax. Irs tax form 1120 for 2012 All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 threshold. Irs tax form 1120 for 2012   For more information on what wages are subject to Medicare tax, see the chart, Special Rules for Various Types of Services and Payments, in section 15 of Publication 15 (Circular E). Irs tax form 1120 for 2012 For more information on Additional Medicare Tax, visit IRS. Irs tax form 1120 for 2012 gov and enter “Additional Medicare Tax” in the search box. Irs tax form 1120 for 2012 Federal Income Tax Withholding If the cash wages you pay to farmworkers are subject to social security and Medicare taxes, they are also subject to federal income tax withholding. Irs tax form 1120 for 2012 Although noncash wages are subject to federal income tax, withhold income tax only if you and the employee agree to do so. Irs tax form 1120 for 2012 The amount to withhold is figured on gross wages without taking out social security and Medicare taxes, union dues, insurance, etc. Irs tax form 1120 for 2012 Form W-4. Irs tax form 1120 for 2012   Generally, the amount of federal income tax you withhold is based on the employee's marital status and withholding allowances claimed on the employee's Form W-4. Irs tax form 1120 for 2012 In general, an employee can claim withholding allowances on Form W-4 equal to the number of exemptions the employee will be entitled to claim on his or her tax return. Irs tax form 1120 for 2012 An employee may also be able to claim a special withholding allowance and allowances for estimated deductions and credits. Irs tax form 1120 for 2012   Do not withhold federal income tax from the wages of an employee who, by filing Form W-4, certifies that he or she had no federal income tax liability last year and anticipates no liability for the current year. Irs tax form 1120 for 2012   You should give each new employee a Form W-4 as soon as you hire the employee. Irs tax form 1120 for 2012 For Spanish-speaking employees, you may use Formulario W-4(SP) which is the Spanish translation of Form W-4. Irs tax form 1120 for 2012 Have the employee complete and return the form to you before the first payday. Irs tax form 1120 for 2012 If the employee does not return the completed form, you must withhold federal income tax as if the employee is single and claims no withholding allowances. Irs tax form 1120 for 2012 New Form W-4 for 2014. Irs tax form 1120 for 2012   You should make the 2014 Form W-4 available to your employees and encourage them to check their income tax withholding for 2014. Irs tax form 1120 for 2012 Those employees who owed a large amount of tax or received a large refund for 2013 may want to submit a new Form W-4. Irs tax form 1120 for 2012 You cannot accept substitute Forms W-4 developed by employees. Irs tax form 1120 for 2012 How to figure withholding. Irs tax form 1120 for 2012   You can use one of several methods to determine the amount to withhold. Irs tax form 1120 for 2012 The methods are described in Publication 51 (Circular A), which contains tables showing the correct amount of federal income tax you should withhold. Irs tax form 1120 for 2012 Publication 51 (Circular A) also contains additional information about federal income tax withholding. Irs tax form 1120 for 2012 Nonemployee compensation. Irs tax form 1120 for 2012   Generally, you do not have to withhold federal income tax on payments for services to individuals who are not your employees. Irs tax form 1120 for 2012 However, you may be required to report these payments on Form 1099-MISC, Miscellaneous Income, and to withhold under the backup withholding rules. Irs tax form 1120 for 2012 For more information, see the Instructions for Form 1099-MISC. Irs tax form 1120 for 2012 Required Notice to Employees About Earned Income Credit (EIC) You must provide notification about EIC to each employee who worked for you at any time during the year and from whom you did not withhold any federal income tax. Irs tax form 1120 for 2012 However, you do not have to notify employees who claim exemption from federal income tax withholding on Form W-4. Irs tax form 1120 for 2012 You meet the notification requirement by giving each employee any of the following. Irs tax form 1120 for 2012 Form W-2, which contains EIC notification on the back of Copy B. Irs tax form 1120 for 2012 A substitute Form W-2 with the exact EIC wording shown on the back of copy B of Form W-2. Irs tax form 1120 for 2012 Notice 797, Possible Federal Tax Refund Due to the Earned Income Credit (EIC). Irs tax form 1120 for 2012 Your own written statement with the exact wording of Notice 797. Irs tax form 1120 for 2012 For more information, see Publication 51 (Circular A). Irs tax form 1120 for 2012 Reporting and Paying Social Security, Medicare, and Withheld Federal Income Taxes You must withhold federal income, social security, and Medicare taxes required to be withheld from the salaries and wages of your employees. Irs tax form 1120 for 2012 You are liable for the payment of these taxes to the federal government whether or not you collect them from your employees. Irs tax form 1120 for 2012 If, for example, you withhold less than the correct tax from an employee's wages, you are still liable for the full amount. Irs tax form 1120 for 2012 You must also pay the employer's share of social security and Medicare taxes. Irs tax form 1120 for 2012 There is no employer share of Additional Medicare Tax. Irs tax form 1120 for 2012 Form 943. Irs tax form 1120 for 2012   Report withheld federal income tax, social security tax, and Medicare tax on Form 943. Irs tax form 1120 for 2012 Your 2013 Form 943 is due by January 31, 2014 (or February 10, 2014, if you made deposits on time in full payment of the taxes due for the year). Irs tax form 1120 for 2012 Deposits. Irs tax form 1120 for 2012   Generally, you must deposit both the employer and employee shares of social security and Medicare taxes and federal income tax withheld during the year. Irs tax form 1120 for 2012 However, you may make payments with Form 943 instead of depositing them if you accumulate less than a $2,500 tax liability (“Total taxes after adjustments” line on Form 943) during the year and you pay in full with a timely filed return. Irs tax form 1120 for 2012   For more information on deposit rules, see Publication 51 (Circular A). Irs tax form 1120 for 2012 Electronic deposit requirement. Irs tax form 1120 for 2012   You must use electronic funds transfer to make all federal tax deposits. Irs tax form 1120 for 2012 Generally, electronic funds transfers are made using EFTPS. Irs tax form 1120 for 2012 If you do not want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make electronic deposits on your behalf. Irs tax form 1120 for 2012 Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. Irs tax form 1120 for 2012 EFTPS is a free service provided by the Department of Treasury. Irs tax form 1120 for 2012 Services provided by your tax professional, financial institution, payroll service, or other third party may have a fee. Irs tax form 1120 for 2012   For more information on making federal tax deposits, see section 7 of Publication 51 (Circular A). Irs tax form 1120 for 2012 To get more information about EFTPS or to enroll in EFTPS, visit www. Irs tax form 1120 for 2012 eftps. Irs tax form 1120 for 2012 gov or call 1-800-555-4477 or 1-800-733-4829 (TDD). Irs tax form 1120 for 2012 Additional information about EFTPS is also available in Publication 966. Irs tax form 1120 for 2012 Form W-2. Irs tax form 1120 for 2012   By January 31, you must furnish each employee a Form W-2 showing total wages for the previous year and total federal income tax, social security tax, and Medicare tax withheld. Irs tax form 1120 for 2012 However, if an employee stops working for you and requests the form earlier, you must give it to the employee within 30 days of the later of the following dates. Irs tax form 1120 for 2012 The date the employee requests the form. Irs tax form 1120 for 2012 The date you make your final payment of wages to the employee. Irs tax form 1120 for 2012 Compensation paid to H-2A visa holders. Irs tax form 1120 for 2012   Report compensation of $600 or more paid to foreign agricultural workers who entered the country on H-2A visas in box 1 of Form W-2. Irs tax form 1120 for 2012 Compensation paid to H-2A workers for agricultural labor performed in connection with this visa is not subject to social security and Medicare taxes, and therefore should not be reported as wages subject to social security tax (line 2), Medicare tax (line 4), or Additional Medicare Tax (line 6) on Form 943, and should not be reported as social security wages (box 3) or Medicare wages (box 5) on Form W-2. Irs tax form 1120 for 2012   An employer is not required to withhold federal income tax from compensation it pays to an H-2A worker for agricultural labor performed in connection with this visa unless the worker asks for withholding and the employer agrees. Irs tax form 1120 for 2012 In this case, the worker must give the employer a completed Form W-4. Irs tax form 1120 for 2012 Federal income tax withheld should be reported on Form 943, line 8, and in box 2 of Form W-2. Irs tax form 1120 for 2012   These reporting rules apply when the H-2A worker provides his or her taxpayer identification number (TIN) to the employer. Irs tax form 1120 for 2012 For the rules relating to backup withholding and reporting when the H-2A worker does not provide a TIN, see the Instructions for Form 1099-MISC and the Instructions for Form 945. Irs tax form 1120 for 2012 Trust fund recovery penalty. Irs tax form 1120 for 2012   If you are responsible for withholding, accounting for, depositing, or paying federal withholding taxes and willfully fail to do so, you can be held liable for a penalty equal to the withheld tax not paid. Irs tax form 1120 for 2012 A responsible person can be an officer of a corporation, a partner, a sole proprietor, or an employee of any form of business. Irs tax form 1120 for 2012 A trustee or agent with authority over the funds of the business can also be held responsible for the penalty. Irs tax form 1120 for 2012   Willfully means voluntarily, consciously, and intentionally. Irs tax form 1120 for 2012 Paying other expenses of the business instead of the taxes due is acting willfully. Irs tax form 1120 for 2012 Consequences of treating an employee as an independent contractor. Irs tax form 1120 for 2012   If you classify an employee as an independent contractor and you have no reasonable basis for doing so, you may be held liable for employment taxes for that worker. Irs tax form 1120 for 2012 See Publication 15-A for more information. Irs tax form 1120 for 2012 Federal Unemployment (FUTA) Tax You must pay FUTA tax if you meet either of the following tests. Irs tax form 1120 for 2012 You paid cash wages of $20,000 or more to farmworkers in any calendar quarter during the current or preceding calendar year. Irs tax form 1120 for 2012 You employed 10 or more farmworkers for some part of at least 1 day during any 20 or more different calendar weeks during the current or preceding calendar year. Irs tax form 1120 for 2012 These rules do not apply to exempt services of your spouse, your parents, or your children under age 21. Irs tax form 1120 for 2012 See Family Employees , earlier. Irs tax form 1120 for 2012 Alien farmworkers. Irs tax form 1120 for 2012   Wages paid to aliens admitted on a temporary basis to the United States to perform farmwork (also known as “H-2A visa workers”) are exempt from FUTA tax. Irs tax form 1120 for 2012 However, include your employment of these workers and the wages you paid them to determine whether you meet either of the above tests. Irs tax form 1120 for 2012 Commodity wages. Irs tax form 1120 for 2012   Payments in kind for farm labor are not cash wages. Irs tax form 1120 for 2012 Do not count them to figure whether you are subject to FUTA tax or to figure how much tax you owe. Irs tax form 1120 for 2012 Tax rate and credit. Irs tax form 1120 for 2012   The gross FUTA tax rate is 6. Irs tax form 1120 for 2012 0% of the first $7,000 cash wages you pay to each employee during the year. Irs tax form 1120 for 2012 However, you are given a credit of up to 5. Irs tax form 1120 for 2012 4% of the first $7,000 cash wages you pay to each employee for the state unemployment tax you pay. Irs tax form 1120 for 2012 If your state tax rate (experience rate) is less than 5. Irs tax form 1120 for 2012 4%, you may still be allowed the full 5. Irs tax form 1120 for 2012 4% credit. Irs tax form 1120 for 2012   If you do not pay the state tax, you cannot take the credit. Irs tax form 1120 for 2012 If you are exempt from state unemployment tax for any reason, the full 6. Irs tax form 1120 for 2012 0% rate applies. Irs tax form 1120 for 2012 See the Instructions for Form 940 for additional information. Irs tax form 1120 for 2012 More information. Irs tax form 1120 for 2012   For more information on FUTA tax, see Publication 51 (Circular A). Irs tax form 1120 for 2012 Reporting and Paying FUTA Tax The FUTA tax is imposed on you as the employer. Irs tax form 1120 for 2012 It must not be collected or deducted from the wages of your employees. Irs tax form 1120 for 2012 Form 940. Irs tax form 1120 for 2012   Report FUTA tax on Form 940. Irs tax form 1120 for 2012 The 2013 Form 940 is due January 31, 2014 (or February 10, 2014, if you timely deposited the full amount of your 2013 FUTA tax). Irs tax form 1120 for 2012 Deposits. Irs tax form 1120 for 2012   If at the end of any calendar quarter you owe, but have not yet deposited, more than $500 in FUTA tax for the year, you must make a deposit by the end of the following month. Irs tax form 1120 for 2012 If the undeposited tax is $500 or less at the end of a quarter, you do not have to deposit it. Irs tax form 1120 for 2012 You can add it to the tax for the next quarter. Irs tax form 1120 for 2012 If the total undeposited tax is more than $500 at the end of the next quarter, a deposit will be required. Irs tax form 1120 for 2012 If the total undeposited tax at the end of the 4th quarter is $500 or less, you can either make a deposit or pay it with your return by the January 31, 2014, due date. Irs tax form 1120 for 2012 Electronic deposit requirement. Irs tax form 1120 for 2012   You must use electronic funds transfer to make all federal tax deposits. Irs tax form 1120 for 2012 Generally, electronic funds transfers are made using EFTPS. Irs tax form 1120 for 2012 If you do not want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make electronic deposits on your behalf. Irs tax form 1120 for 2012 Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. Irs tax form 1120 for 2012 EFTPS is a free service provided by the Department of Treasury. Irs tax form 1120 for 2012 Services provided by your tax professional, financial institution, payroll service, or other third party may have a fee. Irs tax form 1120 for 2012   For more information on making federal tax deposits, see section 7 of Publication 51 (Circular A). Irs tax form 1120 for 2012 To get more information about EFTPS or to enroll in EFTPS, visit www. Irs tax form 1120 for 2012 eftps. Irs tax form 1120 for 2012 gov or call 1-800-555-4477 or 1-800-733-4829 (TDD). Irs tax form 1120 for 2012 Additional information about EFTPS is also available in Publication 966. Irs tax form 1120 for 2012 Prev  Up  Next   Home   More Online Publications