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File 2007 taxes online free 5. File 2007 taxes online free   Table and Worksheets for the Self-Employed Table of Contents Community property laws. File 2007 taxes online free 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. File 2007 taxes online free First, use either the rate table or rate worksheet to find your reduced contribution rate. File 2007 taxes online free Then complete the deduction worksheet to figure your deduction for contributions. File 2007 taxes online free 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. File 2007 taxes online free A SEP plan is treated as a profit-sharing plan. File 2007 taxes online free However, do not use this worksheet for SARSEPs. File 2007 taxes online free Rate table for self-employed. File 2007 taxes online free   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. File 2007 taxes online free Otherwise, use the rate worksheet provided below. File 2007 taxes online free   First, find your plan contribution rate (the contribution rate stated in your plan) in Column A of the table. File 2007 taxes online free Then read across to the rate under Column B. File 2007 taxes online free Enter the rate from Column B in step 4 of the Deduction Worksheet for Self-Employed on this page. File 2007 taxes online free    Example. File 2007 taxes online free You are a sole proprietor with no employees. File 2007 taxes online free If your plan's contribution rate is 10% of a participant's compensation, your rate is 0. File 2007 taxes online free 090909. File 2007 taxes online free Enter this rate in step 4 of the Deduction Worksheet for Self-Employed on this page. File 2007 taxes online free 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)*. File 2007 taxes online free For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. File 2007 taxes online free       *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. File 2007 taxes online free       **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. File 2007 taxes online free     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27             Step 3           Net earnings from self-employment. File 2007 taxes online free 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. File 2007 taxes online free         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. File 2007 taxes online free       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. File 2007 taxes online free 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. File 2007 taxes online free         • Otherwise, skip steps 16 through 18 and go to step 19. File 2007 taxes online free       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. File 2007 taxes online free 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. File 2007 taxes online free     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17. File 2007 taxes online free     Step 21           Subtract step 20 from step 19. File 2007 taxes online free This is your maximum deductible contribution. File 2007 taxes online free                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. File 2007 taxes online free   Rate worksheet for self-employed. File 2007 taxes online free   If your plan's contribution rate is not a whole percentage (for example, 10½%), you cannot use the Rate Table for Self-Employed. File 2007 taxes online free Use the following worksheet instead. File 2007 taxes online free Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. File 2007 taxes online free 105)   2) Rate in line 1 plus 1 (for example, 0. File 2007 taxes online free 105 + 1 = 1. File 2007 taxes online free 105)   3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. File 2007 taxes online free 105 ÷ 1. File 2007 taxes online free 105 = 0. File 2007 taxes online free 095)   Figuring your deduction. File 2007 taxes online free   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. File 2007 taxes online free Community property laws. File 2007 taxes online free   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. File 2007 taxes online free Enter on step 1 the total net profit you actually earned. File 2007 taxes online free 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 . File 2007 taxes online free 009901 2 . File 2007 taxes online free 019608 3 . File 2007 taxes online free 029126 4 . File 2007 taxes online free 038462 5 . File 2007 taxes online free 047619 6 . File 2007 taxes online free 056604 7 . File 2007 taxes online free 065421 8 . File 2007 taxes online free 074074 9 . File 2007 taxes online free 082569 10 . File 2007 taxes online free 090909 11 . File 2007 taxes online free 099099 12 . File 2007 taxes online free 107143 13 . File 2007 taxes online free 115044 14 . File 2007 taxes online free 122807 15 . File 2007 taxes online free 130435 16 . File 2007 taxes online free 137931 17 . File 2007 taxes online free 145299 18 . File 2007 taxes online free 152542 19 . File 2007 taxes online free 159664 20 . File 2007 taxes online free 166667 21 . File 2007 taxes online free 173554 22 . File 2007 taxes online free 180328 23 . File 2007 taxes online free 186992 24 . File 2007 taxes online free 193548 25* . File 2007 taxes online free 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. File 2007 taxes online free Example. File 2007 taxes online free You are a sole proprietor with no employees. File 2007 taxes online free The terms of your plan provide that you contribute 8½% (. File 2007 taxes online free 085) of your compensation to your plan. File 2007 taxes online free Your net profit from line 31, Schedule C (Form 1040) is $200,000. File 2007 taxes online free You have no elective deferrals or catch-up contributions. File 2007 taxes online free Your self-employment tax deduction on line 27 of Form 1040 is $9,728. File 2007 taxes online free See the filled-in portions of both Schedule SE (Form 1040), Self-Employment Income, and Form 1040, later. File 2007 taxes online free You figure your self-employed rate and maximum deduction for employer contributions you made for yourself as follows. File 2007 taxes online free 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)*. File 2007 taxes online free For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. File 2007 taxes online free $200,000     *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. File 2007 taxes online free       **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. File 2007 taxes online free     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27 9,728           Step 3           Net earnings from self-employment. File 2007 taxes online free 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. File 2007 taxes online free 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. File 2007 taxes online free         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. File 2007 taxes online free       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. File 2007 taxes online free 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. File 2007 taxes online free         • Otherwise, skip steps 16 through 18 and go to step 19. File 2007 taxes online free       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. File 2007 taxes online free 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. File 2007 taxes online free     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17     Step 21           Subtract step 20 from step 19. File 2007 taxes online free 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. File 2007 taxes online free   See the filled-in Deduction Worksheet for Self-Employed on this page. File 2007 taxes online free Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. File 2007 taxes online free 105) 0. File 2007 taxes online free 085 2) Rate in line 1 plus 1 (for example, 0. File 2007 taxes online free 105 + 1 = 1. File 2007 taxes online free 105) 1. File 2007 taxes online free 085 3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. File 2007 taxes online free 105 ÷ 1. File 2007 taxes online free 105 = 0. File 2007 taxes online free 095) 0. File 2007 taxes online free 078 This image is too large to be displayed in the current screen. File 2007 taxes online free Please click the link to view the image. File 2007 taxes online free Portion of Form 1040 and Portion of Schedule SE Prev  Up  Next   Home   More Online Publications
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File 2007 taxes online free Publication 561 - Introductory Material Table of Contents IntroductionOrdering forms and publications. File 2007 taxes online free Tax questions. File 2007 taxes online free Useful Items - You may want to see: Introduction This publication is designed to help donors and appraisers determine the value of property (other than cash) that is given to qualified organizations. File 2007 taxes online free It also explains what kind of information you must have to support the charitable contribution deduction you claim on your return. File 2007 taxes online free This publication does not discuss how to figure the amount of your deduction for charitable contributions or written records and substantiation required. File 2007 taxes online free See Publication 526, Charitable Contributions, for this information. File 2007 taxes online free Comments and suggestions. File 2007 taxes online free   We welcome your comments about this publication and your suggestions for future editions. File 2007 taxes online free   You can write to us at the following address: Internal Revenue Service Individual Forms and Publications Branch SE:W:CAR:MP:T:I 1111 Constitution Ave. File 2007 taxes online free NW, IR-6406 Washington, DC 20224   We respond to many letters by telephone. File 2007 taxes online free Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. File 2007 taxes online free   You can email us at *taxforms@irs. File 2007 taxes online free gov. File 2007 taxes online free (The asterisk must be included in the address. File 2007 taxes online free ) Please put “Publications Comment” on the subject line. File 2007 taxes online free Although we cannot respond individually to each email, we do appreciate your feedback and will consider your comments as we revise our tax products. File 2007 taxes online free Ordering forms and publications. File 2007 taxes online free   Visit www. File 2007 taxes online free irs. File 2007 taxes online free gov/formspubs to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 business days after your request is received. File 2007 taxes online free National Distribution Center P. File 2007 taxes online free O. File 2007 taxes online free Box 8903 Bloomington, IL 61702-8903 Tax questions. File 2007 taxes online free   If you have a tax question, visit www. File 2007 taxes online free irs. File 2007 taxes online free gov or call 1-800-829-1040. File 2007 taxes online free We cannot answer tax questions sent to either of the above addresses. File 2007 taxes online free Useful Items - You may want to see: Publication 526 Charitable Contributions Form (and Instructions) 8282Donee Information Return 8283Noncash Charitable Contributions 8283-VPayment Voucher for Filing Fee Under Section 170(f)(13) See How To Get Tax Help, near the end of this publication, for information about getting these publications and forms. File 2007 taxes online free Prev  Up  Next   Home   More Online Publications