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Ohio State Tax Forms 2011

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Ohio State Tax Forms 2011

Ohio state tax forms 2011 12. Ohio state tax forms 2011   Self-Employment Tax Table of Contents What's New for 2013 What's New for 2014 Introduction Topics - This chapter discusses: Useful Items - You may want to see: Why Pay Self-Employment Tax? How To Pay Self-Employment TaxReplacing a lost social security card. Ohio state tax forms 2011 Name change. Ohio state tax forms 2011 Penalty for underpayment of estimated tax. Ohio state tax forms 2011 Who Must Pay Self-Employment Tax?Limited partner. Ohio state tax forms 2011 Community property. Ohio state tax forms 2011 Figuring Self-Employment EarningsLandlord Participation in Farming Methods for Figuring Net EarningsRegular Method Farm Optional Method Nonfarm Optional Method Using Both Optional Methods Reporting Self-Employment Tax What's New for 2013 Tax rates. Ohio state tax forms 2011  For tax years beginning in 2013, the social security part of the self-employment tax increases from 10. Ohio state tax forms 2011 4% to 12. Ohio state tax forms 2011 4%. Ohio state tax forms 2011 The Medicare part of the tax remains at 2. Ohio state tax forms 2011 9%. Ohio state tax forms 2011 As a result, the self-employment tax is increased from 13. Ohio state tax forms 2011 3% to 15. Ohio state tax forms 2011 3%. Ohio state tax forms 2011 Additional Medicare Tax. Ohio state tax forms 2011 . Ohio state tax forms 2011  For tax years beginning in 2013, a 0. Ohio state tax forms 2011 9% Additional Medicare Tax applies to your Medicare wages, Railroad Retirement Tax Act (RRTA) compensation, and self-employment income above a threshold amount. Ohio state tax forms 2011 Use Form 8959, Additional Medicare Tax, to figure this tax. Ohio state tax forms 2011 For more information, see the Instructions for Form 8959. Ohio state tax forms 2011 Maximum net earnings. Ohio state tax forms 2011  The maximum net self-employment earnings subject to the social security part (12. Ohio state tax forms 2011 4%) of the self-employment tax increased to $113,700 for 2013. Ohio state tax forms 2011 There is no maximum limit on earnings subject to the Medicare part (2. Ohio state tax forms 2011 9%). Ohio state tax forms 2011 What's New for 2014 Maximum net earnings. Ohio state tax forms 2011  The maximum net self-employment earnings subject to the social security part of the self-employment tax for 2014 will be discussed in the 2013 Publication 334. Ohio state tax forms 2011 Introduction Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. Ohio state tax forms 2011 It is similar to the social security and Medicare taxes withheld from the pay of most wage earners. Ohio state tax forms 2011 You usually have to pay SE tax if you are self-employed. Ohio state tax forms 2011 You are usually self-employed if you operate your own farm on land you either own or rent. Ohio state tax forms 2011 You have to figure SE tax on Schedule SE (Form 1040). Ohio state tax forms 2011 Farmers who have employees may have to pay the employer's share of social security and Medicare taxes, as well. Ohio state tax forms 2011 See chapter 13 for information on employment taxes. Ohio state tax forms 2011 Self-employment tax rate. Ohio state tax forms 2011   For tax years beginning in 2013, the self-employment tax rate is 15. Ohio state tax forms 2011 3%. Ohio state tax forms 2011 The rate consists of two parts: 12. Ohio state tax forms 2011 4% for social security (old-age, survivors, and disability insurance) and 2. Ohio state tax forms 2011 9% for Medicare (hospital insurance). Ohio state tax forms 2011 Topics - This chapter discusses: Why pay self-employment tax How to pay self-employment tax Who must pay self-employment tax Figuring self-employment earnings Landlord participation in farming Methods for figuring net earnings Reporting self-employment tax Useful Items - You may want to see: Publication 541 Partnerships Form (and Instructions) 1040 U. Ohio state tax forms 2011 S. Ohio state tax forms 2011 Individual Income Tax Return Sch F (Form 1040) Profit or Loss From Farming Sch SE (Form 1040) Self-Employment Tax 1065 U. Ohio state tax forms 2011 S. Ohio state tax forms 2011 Return of Partnership Income Sch K-1 (Form 1065) Partner's Share of Income, Deductions, Credits, etc. Ohio state tax forms 2011 See chapter 16 for information about getting publications and forms. Ohio state tax forms 2011 Why Pay Self-Employment Tax? Social security benefits are available to self-employed persons just as they are to wage earners. Ohio state tax forms 2011 Your payments of SE tax contribute to your coverage under the social security system. Ohio state tax forms 2011 Social security coverage provides you with retirement benefits, disability benefits, survivor benefits, and hospital insurance (Medicare) benefits. Ohio state tax forms 2011 How to become insured under social security. Ohio state tax forms 2011   You must be insured under the social security system before you begin receiving social security benefits. Ohio state tax forms 2011 You are insured if you have the required number of credits (also called quarters of coverage). Ohio state tax forms 2011 Earning credits in 2013. Ohio state tax forms 2011   You can earn a maximum of four credits per year. Ohio state tax forms 2011 For 2013, you earn one credit for each $1,160 of combined wages and self-employment earnings subject to social security tax. Ohio state tax forms 2011 You need $4,640 ($1,160 × 4) of combined wages and self-employment earnings subject to social security tax to earn four credits in 2013. Ohio state tax forms 2011 It does not matter whether the income is earned in 1 quarter or is spread over 2 or more quarters. Ohio state tax forms 2011 For an explanation of the number of credits you must have to be insured and the benefits available to you and your family under the social security program, consult your nearest Social Security Administration (SSA) office or visit the SSA website at www. Ohio state tax forms 2011 socialsecurity. Ohio state tax forms 2011 gov. Ohio state tax forms 2011 Making false statements to get or to increase social security benefits may subject you to penalties. Ohio state tax forms 2011 The Social Security Administration (SSA) time limit for posting self-employment earnings. Ohio state tax forms 2011   Generally, the SSA will give you credit only for self-employment earnings reported on a tax return filed within 3 years, 3 months, and 15 days after the tax year you earned the income. Ohio state tax forms 2011    If you file your tax return or report a change in your self-employment earnings after the SSA time limit for posting self-employment earnings, the SSA may change its records, but only to remove or reduce the amount. Ohio state tax forms 2011 The SSA will not change its records to increase your self-employment earnings after the SSA time limit listed above. Ohio state tax forms 2011 How To Pay Self-Employment Tax To pay SE tax, you must have a social security number (SSN) or an individual taxpayer identification number (ITIN). Ohio state tax forms 2011 This section explains how to: Obtain an SSN or ITIN, and Pay your SE tax using estimated tax. Ohio state tax forms 2011 An ITIN does not entitle you to social security benefits. Ohio state tax forms 2011 Obtaining an ITIN does not change your immigration or employment status under U. Ohio state tax forms 2011 S. Ohio state tax forms 2011 law. Ohio state tax forms 2011 Obtaining a social security number. Ohio state tax forms 2011   If you have never had an SSN, apply for one using Form SS-5, Application for a Social Security Card. Ohio state tax forms 2011 The application is also available in Spanish. Ohio state tax forms 2011 You can get this form at any Social Security office or by calling 1-800-772-1213. Ohio state tax forms 2011    You can also download Form SS-5 from the Social Security Administration website at  www. Ohio state tax forms 2011 socialsecurity. Ohio state tax forms 2011 gov. Ohio state tax forms 2011   If you have a social security number from the time you were an employee, you must use that number. Ohio state tax forms 2011 Do not apply for a new one. Ohio state tax forms 2011 Replacing a lost social security card. Ohio state tax forms 2011   If you have a number but lost your card, file Form SS-5. Ohio state tax forms 2011 You will get a new card showing your original number, not a new number. Ohio state tax forms 2011 Name change. Ohio state tax forms 2011   If your name has changed since you received your social security card, complete Form SS-5 to report a name change. Ohio state tax forms 2011 Obtaining an individual taxpayer identification number. Ohio state tax forms 2011   The IRS will issue you an ITIN, for tax use only, if you are a nonresident or resident alien and you do not have, and are not eligible to get, an SSN. Ohio state tax forms 2011 To apply for an ITIN, file Form W-7, Application for IRS Individual Taxpayer Identification Number. Ohio state tax forms 2011 You can get this form by calling 1-800-829-3676. Ohio state tax forms 2011 For more information on ITINs, see Publication 1915, Understanding Your IRS Individual Taxpayer Identification Number. Ohio state tax forms 2011 Form W-7 and Publication 1915 are also available in Spanish. Ohio state tax forms 2011    You can also download Form W-7 from the IRS website at IRS. Ohio state tax forms 2011 gov. Ohio state tax forms 2011 Paying estimated tax. Ohio state tax forms 2011   Estimated tax is the method used to pay tax (including SE tax) on income not subject to withholding. Ohio state tax forms 2011 You generally have to make estimated tax payments if you expect to owe tax, including SE tax, of $1,000 or more when you file your return. Ohio state tax forms 2011 Use Form 1040-ES, Estimated Tax for Individuals, to figure and pay the tax. Ohio state tax forms 2011   However, if at least two-thirds of your gross income for 2013 or 2014 was from farming and you file your 2014 Form 1040 and pay all the tax due by March 2, 2015, you do not have to pay any estimated tax. Ohio state tax forms 2011 For more information about estimated tax for farmers, see chapter 15. Ohio state tax forms 2011 Penalty for underpayment of estimated tax. Ohio state tax forms 2011   You may have to pay a penalty if you do not pay enough estimated tax by its due date. Ohio state tax forms 2011 Who Must Pay Self-Employment Tax? You must pay SE tax and file Schedule SE (Form 1040) if your net earnings from self-employment were $400 or more. Ohio state tax forms 2011 The SE tax rules apply no matter how old you are and even if you are already receiving social security or Medicare benefits. Ohio state tax forms 2011 Aliens. Ohio state tax forms 2011   Generally, resident aliens must pay self-employment tax under the same rules that apply to U. Ohio state tax forms 2011 S. Ohio state tax forms 2011 citizens. Ohio state tax forms 2011 Nonresident aliens are not subject to self-employment tax. Ohio state tax forms 2011 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. Ohio state tax forms 2011 S. Ohio state tax forms 2011 residents for self-employment tax purposes. Ohio state tax forms 2011 For more information on aliens, see Publication 519, U. Ohio state tax forms 2011 S. Ohio state tax forms 2011 Tax Guide for Aliens. Ohio state tax forms 2011 Are you self-employed?   You are self-employed if you carry on a trade or business (such as running a farm) as a sole proprietor, an independent contractor, a member of a partnership, or are otherwise in business for yourself. Ohio state tax forms 2011 A trade or business is generally an activity carried on for a livelihood or in good faith to make a profit. Ohio state tax forms 2011 Share farmer. Ohio state tax forms 2011   You are a self-employed farmer under an income-sharing arrangement if both the following apply. Ohio state tax forms 2011 You produce a crop or raise livestock on land belonging to another person. Ohio state tax forms 2011 Your share of the crop or livestock, or the proceeds from their sale, depends on the amount produced. Ohio state tax forms 2011 Your net farm profit or loss from the income-sharing arrangement is reported on Schedule F (Form 1040) and included in your self-employment earnings. Ohio state tax forms 2011   If you produce a crop or livestock on land belonging to another person and are to receive a specified rate of pay, a fixed sum of money, or a fixed quantity of the crop or livestock, and not a share of the crop or livestock or their proceeds, you may be either self-employed or an employee of the landowner. Ohio state tax forms 2011 This will depend on whether the landowner has the right to direct or control your performance of services. Ohio state tax forms 2011 Example. Ohio state tax forms 2011 A share farmer produces a crop on land owned by another person on a 50-50 crop-share basis. Ohio state tax forms 2011 Under the terms of their agreement, the share farmer furnishes the labor and half the cost of seed and fertilizer. Ohio state tax forms 2011 The landowner furnishes the machinery and equipment used to produce and harvest the crop, and half the cost of seed and fertilizer. Ohio state tax forms 2011 The share farmer is provided a house in which to live. Ohio state tax forms 2011 The landowner and the share farmer decide on a cropping plan. Ohio state tax forms 2011 The share farmer is a self-employed farmer for purposes of the agreement to produce the crops, and the share farmer's part of the profit or loss from the crops is reported on Schedule F (Form 1040) and included in self-employment earnings. Ohio state tax forms 2011 The tax treatment of the landowner is discussed later under Landlord Participation in Farming. Ohio state tax forms 2011 Contract farming. Ohio state tax forms 2011   Under typical contract farming arrangements, the grower receives a fixed payment per unit of crops or finished livestock delivered to the processor or packing company. Ohio state tax forms 2011 Since the grower typically furnishes labor and bears some production risk, the payments are reported on Schedule F and are therefore subject to self-employment tax. Ohio state tax forms 2011 4-H Club or FFA project. Ohio state tax forms 2011   If an individual participates in a 4-H Club or Future Farmers of America (FFA) project, any net income received from sales or prizes related to the project may be subject to income tax. Ohio state tax forms 2011 Report the net income as “Other income” on line 21 of Form 1040. Ohio state tax forms 2011 If necessary, attach a statement showing the gross income and expenses. Ohio state tax forms 2011 The net income may not be subject to SE tax if the project is primarily for educational purposes and not for profit, and is completed by the individual under the rules and economic restrictions of the sponsoring 4-H or FFA organization. Ohio state tax forms 2011 Such a project is generally not considered a trade or business. Ohio state tax forms 2011 Partners in a partnership. Ohio state tax forms 2011   Generally, you are self-employed if you are a member of a partnership that carries on a trade or business. Ohio state tax forms 2011 Limited partner. Ohio state tax forms 2011   If you are a limited partner, your partnership income is generally not subject to SE tax. Ohio state tax forms 2011 However, guaranteed payments you receive for services you perform for the partnership are subject to SE tax and should be reported to you in box 14 of your Schedule K-1 (Form 1065). Ohio state tax forms 2011 Business Owned and Operated by Spouses. Ohio state tax forms 2011   If you and your spouse jointly own and operate a farm as an unincorporated business and share in the profits and losses, you are partners in a partnership whether or not you have a formal partnership agreement. Ohio state tax forms 2011 You must file Form 1065, instead of Schedule F, unless you make a joint election to be treated as a qualified joint venture. Ohio state tax forms 2011 Making this election will allow you to avoid the complexity of Form 1065 but still give each spouse credit for social security earnings on which retirement benefits are based. Ohio state tax forms 2011 Qualified joint venture. Ohio state tax forms 2011   If you and your spouse each materially participate as the only members of a jointly owned and operated farm, and you file a joint tax return for the tax year, you can make a joint election to be treated as a qualified joint venture instead of a partnership for the tax year. Ohio state tax forms 2011 For an explanation of “material participation,” see the instructions for Schedule C, line G, and the instructions for Schedule F, line E. Ohio state tax forms 2011   To make this election, you must divide all items of income, gain, loss, deduction, and credit attributable to the business between you and your spouse in accordance with your respective interests in the venture. Ohio state tax forms 2011 Each of you must file a separate Schedule F and a separate Schedule SE. Ohio state tax forms 2011 For more information, see Qualified Joint Venture in the Instructions for Schedule SE (Form 1040). Ohio state tax forms 2011 Spouse employee. Ohio state tax forms 2011   If your spouse is your employee, not your partner, you must withhold and pay social security and Medicare taxes for him or her. Ohio state tax forms 2011 For more information about employment taxes, see chapter 13. Ohio state tax forms 2011 Community property. Ohio state tax forms 2011   If you are a partner and your distributive share of any income or loss from a trade or business carried on by the partnership is community property, treat your share as your self-employment earnings. Ohio state tax forms 2011 Do not treat any of your share as self-employment earnings of your spouse. Ohio state tax forms 2011 Figuring Self-Employment Earnings Farmer. Ohio state tax forms 2011   If you are self-employed as a farmer, use Schedule F (Form 1040) to figure your self-employment earnings. Ohio state tax forms 2011 Partnership income or loss. Ohio state tax forms 2011   If you are a member of a partnership that carries on a trade or business, the partnership should report your self-employment earnings in box 14, code A, of your Schedule K-1 (Form 1065). Ohio state tax forms 2011 Box 14 of Schedule K-1 may also provide amounts for gross farming or fishing income (code B) and gross nonfarm income (code C). Ohio state tax forms 2011 Use these amounts if you use the farm or nonfarm optional method to figure net earnings from self-employment (see Methods for Figuring Net Earnings , later). Ohio state tax forms 2011   If you are a general partner, you may need to reduce these reported earnings by amounts you claim as a section 179 deduction, unreimbursed partnership expenses, or depletion on oil and gas properties. Ohio state tax forms 2011   If the amount reported is a loss, include only the deductible amount when you figure your total self-employment earnings. Ohio state tax forms 2011   For more information, see the Partner's Instructions for Schedule K-1 (Form 1065). Ohio state tax forms 2011   For general information on partnerships, see Publication 541. Ohio state tax forms 2011 More than one business. Ohio state tax forms 2011   If you have self-employment earnings from more than one trade, business, or profession, you generally must combine the net profit or loss from each to determine your total self-employment earnings. Ohio state tax forms 2011 A loss from one business reduces your profit from another business. Ohio state tax forms 2011 However, do not combine earnings from farm and nonfarm businesses if you are using one of the optional methods (discussed later) to figure net earnings. Ohio state tax forms 2011 Community property. Ohio state tax forms 2011   If any of the income from a farm or business, other than a partnership, is community property under state law, it is included in the self-employment earnings of the spouse carrying on the trade or business. Ohio state tax forms 2011 Lost income payments. Ohio state tax forms 2011   Lost income payments received from insurance or other sources for reducing or stopping farming activities are included in self-employment earnings. Ohio state tax forms 2011 These include USDA payments to compensate for lost income resulting from reductions in tobacco quotas and allotments. Ohio state tax forms 2011 Even if you are not farming when you receive the payment, it is included in self-employment earnings if it relates to your farm business (even though it is temporarily inactive). Ohio state tax forms 2011 A connection exists if it is clear the payment would not have been made but for your conduct of your farm business. Ohio state tax forms 2011 Gain or loss. Ohio state tax forms 2011   A gain or loss from the disposition of property that is neither stock in trade nor held primarily for sale to customers is not included in self-employment earnings. Ohio state tax forms 2011 It does not matter whether the disposition is a sale, exchange, or involuntary conversion. Ohio state tax forms 2011 For example, gains or losses from the disposition of the following types of property are not included in self-employment earnings. Ohio state tax forms 2011 Investment property. Ohio state tax forms 2011 Depreciable property or other fixed assets used in your trade or business. Ohio state tax forms 2011 Livestock held for draft, breeding, sport, or dairy purposes, and not held primarily for sale, regardless of how long the livestock was held, or whether it was raised or purchased. Ohio state tax forms 2011 Unharvested standing crops sold with land held more than 1 year. Ohio state tax forms 2011 Timber, coal, or iron ore held for more than 1 year if an economic interest was retained, such as a right to receive coal royalties. Ohio state tax forms 2011   A gain or loss from the cutting of timber is not included in self-employment earnings if the cutting is treated as a sale or exchange. Ohio state tax forms 2011 For more information on electing to treat the cutting of timber as a sale or exchange, see Timber in chapter 8. Ohio state tax forms 2011 Wages and salaries. Ohio state tax forms 2011   Wages and salaries received for services performed as an employee and covered by social security or railroad retirement are not included in self-employment earnings. Ohio state tax forms 2011   Wages paid in kind to you for agricultural labor, such as commodity wages, are not included in self-employment earnings. Ohio state tax forms 2011 Retired partner. Ohio state tax forms 2011   Retirement income received by a partner from his or her partnership under a written plan is not included in self-employment earnings if all the following apply. Ohio state tax forms 2011 The retired partner performs no services for the partnership during the year. Ohio state tax forms 2011 The retired partner is owed only the retirement payments. Ohio state tax forms 2011 The retired partner's share (if any) of the partnership capital was fully paid to the retired partner. Ohio state tax forms 2011 The payments to the retired partner are lifelong periodic payments. Ohio state tax forms 2011 Conservation Reserve Program (CRP) payments. Ohio state tax forms 2011   Under the Conservation Reserve Program (CRP), if you own or operate highly erodible or other specified cropland, you may enter into a longterm contract with the USDA, agreeing to convert to a less intensive use of that cropland. Ohio state tax forms 2011 You must include the annual rental payments and any onetime incentive payment you receive under the program on Schedule F, lines 4a and 4b. Ohio state tax forms 2011 Cost share payments you receive may qualify for the costsharing exclusion. Ohio state tax forms 2011 See Cost-Sharing Exclusion (Improvements), above. Ohio state tax forms 2011 CRP payments are reported to you on Form 1099G. Ohio state tax forms 2011 Individuals who are receiving Social Security retirement or disability benefits may exclude CRP payments when calculating self-employment tax. Ohio state tax forms 2011 See the instructions for Schedule SE (Form 1040). Ohio state tax forms 2011 Self-employed health insurance deduction. Ohio state tax forms 2011   You cannot deduct the self-employed health insurance deduction you report on Form 1040, line 29, from self-employment earnings on Schedule SE (Form 1040). Ohio state tax forms 2011 Landlord Participation in Farming As a general rule, income and deductions from rentals and from personal property leased with real estate are not included in determining self-employment earnings. Ohio state tax forms 2011 However, income and deductions from farm rentals, including government commodity program payments received by a landowner who rents land, are included if the rental arrangement provides that the landowner will, and does, materially participate in the production or management of production of the farm products on the land. Ohio state tax forms 2011 Crop shares. Ohio state tax forms 2011   Rent paid in the form of crop shares is included in self-employment earnings for the year you sell, exchange, give away, or use the crop shares if you meet one of the four material participation tests (discussed next) at the time the crop shares are produced. Ohio state tax forms 2011 Feeding such crop shares to livestock is considered using them. Ohio state tax forms 2011 Your gross income for figuring your self-employment earnings includes the fair market value of the crop shares when they are used as feed. Ohio state tax forms 2011 Material participation for landlords. Ohio state tax forms 2011   You materially participate if you have an arrangement with your tenant for your participation and you meet one or more of the following tests. Ohio state tax forms 2011 You do at least three of the following. Ohio state tax forms 2011 Pay, using cash or credit, at least half the direct costs of producing the crop or livestock. Ohio state tax forms 2011 Furnish at least half the tools, equipment, and livestock used in the production activities. Ohio state tax forms 2011 Advise or consult with your tenant. Ohio state tax forms 2011 Inspect the production activities periodically. Ohio state tax forms 2011 You regularly and frequently make, or take an important part in making, management decisions substantially contributing to or affecting the success of the enterprise. Ohio state tax forms 2011 You work 100 hours or more spread over a period of 5 weeks or more in activities connected with agricultural production. Ohio state tax forms 2011 You do things that, considered in their totality, show you are materially and significantly involved in the production of the farm commodities. Ohio state tax forms 2011 These tests may be used as general guides for determining whether you are a material participant. Ohio state tax forms 2011 Example. Ohio state tax forms 2011 Drew Houston agrees to produce a crop on J. Ohio state tax forms 2011 Clarke's cotton farm, with each receiving half the proceeds. Ohio state tax forms 2011 Clarke advises Houston when to plant, spray, and pick the cotton. Ohio state tax forms 2011 During the growing season, Clarke inspects the crop every few days to determine whether Houston is properly taking care of the crop. Ohio state tax forms 2011 Houston furnishes all labor needed to grow and harvest the crop. Ohio state tax forms 2011 The management decisions made by Clarke in connection with the care of the cotton crop and his regular inspection of the crop establish that he participates to a material degree in the cotton production operations. Ohio state tax forms 2011 The income Clarke receives from his cotton farm is included in his self-employment earnings. Ohio state tax forms 2011 Methods for Figuring Net Earnings There are three ways to figure your net earnings from self-employment. Ohio state tax forms 2011 The regular method. Ohio state tax forms 2011 The farm optional method. Ohio state tax forms 2011 The nonfarm optional method. Ohio state tax forms 2011 You must use the regular method unless you are eligible to use one or both of the optional methods. Ohio state tax forms 2011 See Figure 12-1 , shown later. Ohio state tax forms 2011 Figure 12-1. Ohio state tax forms 2011 Can I Use the Optional Methods? Please click here for the text description of the image. Ohio state tax forms 2011 Figure 12–1. Ohio state tax forms 2011 Can I Use the Optional Methods? 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. Ohio state tax forms 2011 You want to receive credit for social security benefit coverage. Ohio state tax forms 2011 You incurred child or dependent care expenses for which you could claim a credit. Ohio state tax forms 2011 (An optional method may increase your earned income, which could increase your credit. Ohio state tax forms 2011 ) You are entitled to the earned income credit. Ohio state tax forms 2011 (An optional method may increase your earned income, which could increase your credit. Ohio state tax forms 2011 ) You are entitled to the additional child tax credit. Ohio state tax forms 2011 (An optional method may increase your earned income, which could increase your credit. Ohio state tax forms 2011 ) Effects of using an optional method. Ohio state tax forms 2011   Using an optional method could increase your SE tax. Ohio state tax forms 2011 Paying more SE tax may result in you getting higher social security disability or retirement benefits. Ohio state tax forms 2011   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 SE tax or no SE tax using the regular method. Ohio state tax forms 2011   The optional methods may be used only to figure your SE tax. Ohio state tax forms 2011 To figure your income tax, include your actual self-employment earnings in gross income, regardless of which method you use to determine SE tax. Ohio state tax forms 2011 Regular Method Multiply your total self-employment earnings by 92. Ohio state tax forms 2011 35% (. Ohio state tax forms 2011 9235) to get your net earnings under the regular method. Ohio state tax forms 2011 See Short Schedule SE, line 4, or Long Schedule SE, line 4a. Ohio state tax forms 2011 Net earnings figured using the regular method are also called “actual net earnings. Ohio state tax forms 2011 ” Farm Optional Method Use the farm optional method only for self-employment earnings from a farming business. Ohio state tax forms 2011 You can use this method if you meet either of the following tests. Ohio state tax forms 2011 Your gross farm income is $6,960 or less. Ohio state tax forms 2011 Your net farm profits are less than $5,024. Ohio state tax forms 2011 Gross farm income. Ohio state tax forms 2011   Your gross farm income is the total of the amounts from: Schedule F (Form 1040), line 9, and Schedule K-1 (Form 1065), box 14, code B (from farm partnerships). Ohio state tax forms 2011 Net farm profits. Ohio state tax forms 2011   Net farm profits generally are the total of the amounts from: Schedule F (Form 1040), line 34, and Schedule K-1 (Form 1065), box 14, code A (from farm partnerships). Ohio state tax forms 2011 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. Ohio state tax forms 2011 For more information, see Partnership income or loss , earlier. Ohio state tax forms 2011 Figuring farm net earnings. Ohio state tax forms 2011   If you meet either of the two tests explained above, use Table 12-1. Ohio state tax forms 2011 Figuring Farm Net Earnings , to figure your net earnings from self-employment under the farm optional method. Ohio state tax forms 2011 Table 12-1. Ohio state tax forms 2011 Figuring Farm Net Earnings IF your gross farm income  is. Ohio state tax forms 2011 . Ohio state tax forms 2011 . Ohio state tax forms 2011 THEN your net earnings are equal to. Ohio state tax forms 2011 . Ohio state tax forms 2011 . Ohio state tax forms 2011 $6,960 or less Two-thirds of your gross farm income. Ohio state tax forms 2011 More than $6,960 $4,640 Optional method can reduce or eliminate SE tax. Ohio state tax forms 2011   If your gross farm income is $6,960 or less and your farm net earnings figured under the farm optional method are less than your actual net earnings, you can use the farm optional method to reduce or eliminate your SE tax. Ohio state tax forms 2011 Your actual net earnings are your net earnings figured using the regular method, explained earlier. Ohio state tax forms 2011 Example. Ohio state tax forms 2011 Your gross farm income is $540 and your net farm profit is $460. Ohio state tax forms 2011 Consequently, your net earnings figured under the farm optional method are $360 (2/3 of $540) and your actual net earnings are $425 (92. Ohio state tax forms 2011 35% of $460). Ohio state tax forms 2011 You owe no SE tax if you use the optional method because your net earnings under the farm optional method are less than $400. Ohio state tax forms 2011 Nonfarm Optional Method This is an optional method available for determining net earnings from nonfarm self-employment, much like the farm optional method. Ohio state tax forms 2011 If you are also engaged in a nonfarm business, you may be able to use this method to figure your nonfarm net earnings. Ohio state tax forms 2011 You can use this method even if you do not use the farm optional method for determining your farm net earnings and even if you have a net loss from your nonfarm business. Ohio state tax forms 2011 For more information about the nonfarm optional method, see Publication 334. Ohio state tax forms 2011 You cannot combine farm and nonfarm self-employment earnings to figure your net earnings under either of the optional methods. Ohio state tax forms 2011 Using Both Optional Methods If you use both optional methods, you must add the net earnings figured under each method to arrive at your total net earnings from self-employment. Ohio state tax forms 2011 You can report less than your total actual farm and nonfarm net earnings but not less than actual nonfarm net earnings. Ohio state tax forms 2011 If you use both optional methods, you can report no more than $4,640 as your combined net earnings from self-employment. Ohio state tax forms 2011 Reporting Self-Employment Tax Use Schedule SE (Form 1040) to figure and report your SE tax. Ohio state tax forms 2011 Then, enter the SE tax on line 56 of Form 1040 and attach Schedule SE to Form 1040. Ohio state tax forms 2011 Most taxpayers can use Section A–Short Schedule SE to figure their SE tax. Ohio state tax forms 2011 However, certain taxpayers must use Section B–Long Schedule SE. Ohio state tax forms 2011 Use the chart on page 1 of Schedule SE to find out which one to use. Ohio state tax forms 2011 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. Ohio state tax forms 2011 Deduction for employer-equivalent portion of self-employment tax. Ohio state tax forms 2011   You can deduct the employer-equivalent portion of your SE tax in figuring your adjusted gross income. Ohio state tax forms 2011 This deduction only affects your income tax. Ohio state tax forms 2011 It does not affect either your net earnings from self-employment or your SE tax. Ohio state tax forms 2011   To deduct the tax, enter on Form 1040, line 27, the amount shown on Section A, Line 6, or Section B, line 13, Deduction for employer-equivalent portion of self-employment tax, of the Schedule SE. Ohio state tax forms 2011 Joint return. Ohio state tax forms 2011   Even if you file a joint return, you cannot file a joint Schedule SE. Ohio state tax forms 2011 This is true whether one spouse or both spouses have self-employment earnings. Ohio state tax forms 2011 Your spouse is not considered self-employed just because you are. Ohio state tax forms 2011 If both of you have self-employment earnings, each of you must complete a separate Schedule SE. Ohio state tax forms 2011 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. Ohio state tax forms 2011 Attach both schedules to the joint return. Ohio state tax forms 2011 If you and your spouse operate a business as a partnership, see Business Owned and Operated by Spouses and Qualified joint venture , earlier, under Who Must Pay Self-Employment Tax . Ohio state tax forms 2011 Prev  Up  Next   Home   More Online Publications
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The Ohio State Tax Forms 2011

Ohio state tax forms 2011 Publication 560 - Additional Material This image is too large to be displayed in the current screen. Ohio state tax forms 2011 Please click the link to view the image. Ohio state tax forms 2011 Tax Publications Prev  Up  Next   Home   More Online Publications