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Taxs 2012

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Taxs 2012

Taxs 2012 5. Taxs 2012   Table and Worksheets for the Self-Employed Table of Contents Community property laws. Taxs 2012 As discussed in chapters 2 and 4, if you are self-employed, you must use the rate table or rate worksheet and deduction worksheet to figure your deduction for contributions you made for yourself to a SEP-IRA or qualified plan. Taxs 2012 First, use either the rate table or rate worksheet to find your reduced contribution rate. Taxs 2012 Then complete the deduction worksheet to figure your deduction for contributions. Taxs 2012 The table and the worksheets in chapter 5 apply only to self-employed individuals who have only one defined contribution plan, such as a profit-sharing plan. Taxs 2012 A SEP plan is treated as a profit-sharing plan. Taxs 2012 However, do not use this worksheet for SARSEPs. Taxs 2012 Rate table for self-employed. Taxs 2012   If your plan's contribution rate is a whole percentage (for example, 12% rather than 12½%), you can use the table on the next page to find your reduced contribution rate. Taxs 2012 Otherwise, use the rate worksheet provided below. Taxs 2012   First, find your plan contribution rate (the contribution rate stated in your plan) in Column A of the table. Taxs 2012 Then read across to the rate under Column B. Taxs 2012 Enter the rate from Column B in step 4 of the Deduction Worksheet for Self-Employed on this page. Taxs 2012    Example. Taxs 2012 You are a sole proprietor with no employees. Taxs 2012 If your plan's contribution rate is 10% of a participant's compensation, your rate is 0. Taxs 2012 090909. Taxs 2012 Enter this rate in step 4 of the Deduction Worksheet for Self-Employed on this page. Taxs 2012 Deduction Worksheet for Self-Employed   Step 1           Enter your net profit from line 31, Schedule C (Form 1040); line 3, Schedule C-EZ (Form 1040); line 34, Schedule F (Form 1040)*; or box 14, code A**, Schedule K-1 (Form 1065)*. Taxs 2012 For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. Taxs 2012       *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. Taxs 2012       **General partners should reduce this amount by the same additional expenses subtracted from box 14, code A to determine the amount on line 1 or 2 of Schedule SE. Taxs 2012     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27             Step 3           Net earnings from self-employment. Taxs 2012 Subtract step 2 from step 1     Step 4           Enter your rate from the Rate Table for Self-Employed or Rate Worksheet for Self-Employed     Step 5           Multiply step 3 by step 4     Step 6           Multiply $255,000 by your plan contribution rate (not the reduced rate)     Step 7           Enter the smaller of step 5 or step 6     Step 8           Contribution dollar limit $51,000     • If you made any elective deferrals to your self-employed plan, go to step 9. Taxs 2012         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. Taxs 2012       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. Taxs 2012 Do not enter more than $17,500     Step 10           Subtract step 9 from step 8     Step 11           Subtract step 9 from step 3       Step 12           Enter one-half of step 11     Step 13           Enter the smallest of step 7, 10, or 12     Step 14           Subtract step 13 from step 3     Step 15           Enter the smaller of step 9 or step 14       • If you made catch-up contributions, go to step 16. Taxs 2012         • Otherwise, skip steps 16 through 18 and go to step 19. Taxs 2012       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. Taxs 2012 Do not enter more than $5,500     Step 18           Enter the smaller of step 16 or step 17     Step 19           Add steps 13, 15, and 18. Taxs 2012     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17. Taxs 2012     Step 21           Subtract step 20 from step 19. Taxs 2012 This is your maximum deductible contribution. Taxs 2012                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. Taxs 2012   Rate worksheet for self-employed. Taxs 2012   If your plan's contribution rate is not a whole percentage (for example, 10½%), you cannot use the Rate Table for Self-Employed. Taxs 2012 Use the following worksheet instead. Taxs 2012 Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. Taxs 2012 105)   2) Rate in line 1 plus 1 (for example, 0. Taxs 2012 105 + 1 = 1. Taxs 2012 105)   3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. Taxs 2012 105 ÷ 1. Taxs 2012 105 = 0. Taxs 2012 095)   Figuring your deduction. Taxs 2012   Now that you have your self-employed rate from either the rate table or rate worksheet, you can figure your maximum deduction for contributions for yourself by completing the Deduction Worksheet for Self-Employed. Taxs 2012 Community property laws. Taxs 2012   If you reside in a community property state and you are married and filing a separate return, disregard community property laws for step 1 of the Deduction Worksheet for Self-Employed. Taxs 2012 Enter on step 1 the total net profit you actually earned. Taxs 2012 Rate Table for Self-Employed Column A  If the plan contri- bution rate is: (shown as %) Column B  Your rate is: (shown as decimal) 1 . Taxs 2012 009901 2 . Taxs 2012 019608 3 . Taxs 2012 029126 4 . Taxs 2012 038462 5 . Taxs 2012 047619 6 . Taxs 2012 056604 7 . Taxs 2012 065421 8 . Taxs 2012 074074 9 . Taxs 2012 082569 10 . Taxs 2012 090909 11 . Taxs 2012 099099 12 . Taxs 2012 107143 13 . Taxs 2012 115044 14 . Taxs 2012 122807 15 . Taxs 2012 130435 16 . Taxs 2012 137931 17 . Taxs 2012 145299 18 . Taxs 2012 152542 19 . Taxs 2012 159664 20 . Taxs 2012 166667 21 . Taxs 2012 173554 22 . Taxs 2012 180328 23 . Taxs 2012 186992 24 . Taxs 2012 193548 25* . Taxs 2012 200000* *The deduction for annual employer contributions (other than elective deferrals) to a SEP plan, a profit-sharing plan, or a money purchase plan cannot be more than 20% of your net earnings (figured without deducting contributions for yourself) from the business that has the plan. Taxs 2012 Example. Taxs 2012 You are a sole proprietor with no employees. Taxs 2012 The terms of your plan provide that you contribute 8½% (. Taxs 2012 085) of your compensation to your plan. Taxs 2012 Your net profit from line 31, Schedule C (Form 1040) is $200,000. Taxs 2012 You have no elective deferrals or catch-up contributions. Taxs 2012 Your self-employment tax deduction on line 27 of Form 1040 is $9,728. Taxs 2012 See the filled-in portions of both Schedule SE (Form 1040), Self-Employment Income, and Form 1040, later. Taxs 2012 You figure your self-employed rate and maximum deduction for employer contributions you made for yourself as follows. Taxs 2012 Deduction Worksheet for Self-Employed   Step 1           Enter your net profit from line 31, Schedule C (Form 1040); line 3, Schedule C-EZ (Form 1040); line 34, Schedule F (Form 1040)*; or box 14, code A**, Schedule K-1 (Form 1065)*. Taxs 2012 For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. Taxs 2012 $200,000     *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. Taxs 2012       **General partners should reduce this amount by the same additional expenses subtracted from box 14, code A to determine the amount on line 1 or 2 of Schedule SE. Taxs 2012     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27 9,728           Step 3           Net earnings from self-employment. Taxs 2012 Subtract step 2 from step 1 190,272   Step 4           Enter your rate from the Rate Table for Self-Employed or Rate Worksheet for Self-Employed 0. Taxs 2012 078   Step 5           Multiply step 3 by step 4 14,841   Step 6           Multiply $255,000 by your plan contribution rate (not the reduced rate) 21,675   Step 7           Enter the smaller of step 5 or step 6 14,841   Step 8           Contribution dollar limit $51,000     • If you made any elective deferrals to your self-employed plan, go to step 9. Taxs 2012         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. Taxs 2012       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. Taxs 2012 Do not enter more than $17,500 N/A   Step 10           Subtract step 9 from step 8     Step 11           Subtract step 9 from step 3       Step 12           Enter one-half of step 11     Step 13           Enter the smallest of step 7, 10, or 12     Step 14           Subtract step 13 from step 3     Step 15           Enter the smaller of step 9 or step 14       • If you made catch-up contributions, go to step 16. Taxs 2012         • Otherwise, skip steps 16 through 18 and go to step 19. Taxs 2012       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. Taxs 2012 Do not enter more than $5,500     Step 18           Enter the smaller of step 16 or step 17     Step 19           Add steps 13, 15, and 18. Taxs 2012     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17     Step 21           Subtract step 20 from step 19. Taxs 2012 This is your maximum deductible contribution $14,841                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. Taxs 2012   See the filled-in Deduction Worksheet for Self-Employed on this page. Taxs 2012 Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. Taxs 2012 105) 0. Taxs 2012 085 2) Rate in line 1 plus 1 (for example, 0. Taxs 2012 105 + 1 = 1. Taxs 2012 105) 1. Taxs 2012 085 3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. Taxs 2012 105 ÷ 1. Taxs 2012 105 = 0. Taxs 2012 095) 0. Taxs 2012 078 This image is too large to be displayed in the current screen. Taxs 2012 Please click the link to view the image. Taxs 2012 Portion of Form 1040 and Portion of Schedule SE Prev  Up  Next   Home   More Online Publications
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The Taxs 2012

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