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Irs Gov 2012 Tax Forms

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Irs Gov 2012 Tax Forms

Irs gov 2012 tax forms Publication 502 - Additional Material Prev  Up  Next   Home   More Online Publications
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The Irs Gov 2012 Tax Forms

Irs gov 2012 tax forms 1. Irs gov 2012 tax forms   Definitions You Need To Know Table of Contents Other options. Irs gov 2012 tax forms Exception. Irs gov 2012 tax forms Certain terms used in this publication are defined below. Irs gov 2012 tax forms The same term used in another publication may have a slightly different meaning. Irs gov 2012 tax forms Annual additions. Irs gov 2012 tax forms   Annual additions are the total of all your contributions in a year, employee contributions (not including rollovers), and forfeitures allocated to a participant's account. Irs gov 2012 tax forms Annual benefits. Irs gov 2012 tax forms   Annual benefits are the benefits to be paid yearly in the form of a straight life annuity (with no extra benefits) under a plan to which employees do not contribute and under which no rollover contributions are made. Irs gov 2012 tax forms Business. Irs gov 2012 tax forms   A business is an activity in which a profit motive is present and economic activity is involved. Irs gov 2012 tax forms Service as a newspaper carrier under age 18 or as a public official is not a business. Irs gov 2012 tax forms Common-law employee. Irs gov 2012 tax forms   A common-law employee is any individual who, under common law, would have the status of an employee. Irs gov 2012 tax forms A leased employee can also be a common-law employee. Irs gov 2012 tax forms   A common-law employee is a person who performs services for an employer who has the right to control and direct the results of the work and the way in which it is done. Irs gov 2012 tax forms For example, the employer: Provides the employee's tools, materials, and workplace, and Can fire the employee. Irs gov 2012 tax forms   Common-law employees are not self-employed and cannot set up retirement plans for income from their work, even if that income is self-employment income for social security tax purposes. Irs gov 2012 tax forms For example, common-law employees who are ministers, members of religious orders, full-time insurance salespeople, and U. Irs gov 2012 tax forms S. Irs gov 2012 tax forms citizens employed in the United States by foreign governments cannot set up retirement plans for their earnings from those employments, even though their earnings are treated as self-employment income. Irs gov 2012 tax forms   However, an individual may be a common-law employee and a self-employed person as well. Irs gov 2012 tax forms For example, an attorney can be a corporate common-law employee during regular working hours and also practice law in the evening as a self-employed person. Irs gov 2012 tax forms In another example, a minister employed by a congregation for a salary is a common-law employee even though the salary is treated as self-employment income for social security tax purposes. Irs gov 2012 tax forms However, fees reported on Schedule C (Form 1040), Profit or Loss From Business, for performing marriages, baptisms, and other personal services are self-employment earnings for qualified plan purposes. Irs gov 2012 tax forms Compensation. Irs gov 2012 tax forms   Compensation for plan allocations is the pay a participant received from you for personal services for a year. Irs gov 2012 tax forms You can generally define compensation as including all the following payments. Irs gov 2012 tax forms Wages and salaries. Irs gov 2012 tax forms Fees for professional services. Irs gov 2012 tax forms Other amounts received (cash or noncash) for personal services actually rendered by an employee, including, but not limited to, the following items. Irs gov 2012 tax forms Commissions and tips. Irs gov 2012 tax forms Fringe benefits. Irs gov 2012 tax forms Bonuses. Irs gov 2012 tax forms   For a self-employed individual, compensation means the earned income, discussed later, of that individual. Irs gov 2012 tax forms   Compensation generally includes amounts deferred in the following employee benefit plans. Irs gov 2012 tax forms These amounts are elective deferrals. Irs gov 2012 tax forms Qualified cash or deferred arrangement (section 401(k) plan). Irs gov 2012 tax forms Salary reduction agreement to contribute to a tax-sheltered annuity (section 403(b) plan), a SIMPLE IRA plan, or a SARSEP. Irs gov 2012 tax forms Section 457 nonqualified deferred compensation plan. Irs gov 2012 tax forms Section 125 cafeteria plan. Irs gov 2012 tax forms   However, an employer can choose to exclude elective deferrals under the above plans from the definition of compensation. Irs gov 2012 tax forms The limit on elective deferrals is discussed in chapter 2 under Salary Reduction Simplified Employee Pension (SARSEP) and in chapter 4. Irs gov 2012 tax forms Other options. Irs gov 2012 tax forms   In figuring the compensation of a participant, you can treat any of the following amounts as the employee's compensation. Irs gov 2012 tax forms The employee's wages as defined for income tax withholding purposes. Irs gov 2012 tax forms The employee's wages you report in box 1 of Form W-2, Wage and Tax Statement. Irs gov 2012 tax forms The employee's social security wages (including elective deferrals). Irs gov 2012 tax forms   Compensation generally cannot include either of the following items. Irs gov 2012 tax forms Nontaxable reimbursements or other expense allowances. Irs gov 2012 tax forms Deferred compensation (other than elective deferrals). Irs gov 2012 tax forms SIMPLE plans. Irs gov 2012 tax forms   A special definition of compensation applies for SIMPLE plans. Irs gov 2012 tax forms See chapter 3. Irs gov 2012 tax forms Contribution. Irs gov 2012 tax forms   A contribution is an amount you pay into a plan for all those participating in the plan, including self-employed individuals. Irs gov 2012 tax forms Limits apply to how much, under the contribution formula of the plan, can be contributed each year for a participant. Irs gov 2012 tax forms Deduction. Irs gov 2012 tax forms   A deduction is the plan contributions you can subtract from gross income on your federal income tax return. Irs gov 2012 tax forms Limits apply to the amount deductible. Irs gov 2012 tax forms Earned income. Irs gov 2012 tax forms   Earned income is net earnings from self-employment, discussed later, from a business in which your services materially helped to produce the income. Irs gov 2012 tax forms   You can also have earned income from property your personal efforts helped create, such as royalties from your books or inventions. Irs gov 2012 tax forms Earned income includes net earnings from selling or otherwise disposing of the property, but it does not include capital gains. Irs gov 2012 tax forms It includes income from licensing the use of property other than goodwill. Irs gov 2012 tax forms   Earned income includes amounts received for services by self-employed members of recognized religious sects opposed to social security benefits who are exempt from self-employment tax. Irs gov 2012 tax forms   If you have more than one business, but only one has a retirement plan, only the earned income from that business is considered for that plan. Irs gov 2012 tax forms Employer. Irs gov 2012 tax forms   An employer is generally any person for whom an individual performs or did perform any service, of whatever nature, as an employee. Irs gov 2012 tax forms A sole proprietor is treated as his or her own employer for retirement plan purposes. Irs gov 2012 tax forms However, a partner is not an employer for retirement plan purposes. Irs gov 2012 tax forms Instead, the partnership is treated as the employer of each partner. Irs gov 2012 tax forms Highly compensated employee. Irs gov 2012 tax forms   A highly compensated employee is an individual who: Owned more than 5% of the interest in your business at any time during the year or the preceding year, regardless of how much compensation that person earned or received, or For the preceding year, received compensation from you of more than $115,000 (if the preceding year is 2012, 2013, or 2014) and, if you so choose, was in the top 20% of employees when ranked by compensation. Irs gov 2012 tax forms Leased employee. Irs gov 2012 tax forms   A leased employee who is not your common-law employee must generally be treated as your employee for retirement plan purposes if he or she does all the following. Irs gov 2012 tax forms Provides services to you under an agreement between you and a leasing organization. Irs gov 2012 tax forms Has performed services for you (or for you and related persons) substantially full time for at least 1 year. Irs gov 2012 tax forms Performs services under your primary direction or control. Irs gov 2012 tax forms Exception. Irs gov 2012 tax forms   A leased employee is not treated as your employee if all the following conditions are met. Irs gov 2012 tax forms Leased employees are not more than 20% of your non-highly compensated work force. Irs gov 2012 tax forms The employee is covered under the leasing organization's qualified pension plan. Irs gov 2012 tax forms The leasing organization's plan is a money purchase pension plan that has all the following provisions. Irs gov 2012 tax forms Immediate participation. Irs gov 2012 tax forms (This requirement does not apply to any individual whose compensation from the leasing organization in each plan year during the 4-year period ending with the plan year is less than $1,000. Irs gov 2012 tax forms ) Full and immediate vesting. Irs gov 2012 tax forms A nonintegrated employer contribution rate of at least 10% of compensation for each participant. Irs gov 2012 tax forms However, if the leased employee is your common-law employee, that employee will be your employee for all purposes, regardless of any pension plan of the leasing organization. Irs gov 2012 tax forms Net earnings from self-employment. Irs gov 2012 tax forms   For SEP and qualified plans, net earnings from self-employment is your gross income from your trade or business (provided your personal services are a material income-producing factor) minus allowable business deductions. Irs gov 2012 tax forms Allowable deductions include contributions to SEP and qualified plans for common-law employees and the deduction allowed for the deductible part of your self-employment tax. Irs gov 2012 tax forms   Net earnings from self-employment does not include items excluded from gross income (or their related deductions) other than foreign earned income and foreign housing cost amounts. Irs gov 2012 tax forms   For the deduction limits, earned income is net earnings for personal services actually rendered to the business. Irs gov 2012 tax forms You take into account the income tax deduction for the deductible part of self-employment tax and the deduction for contributions to the plan made on your behalf when figuring net earnings. Irs gov 2012 tax forms   Net earnings include a partner's distributive share of partnership income or loss (other than separately stated items, such as capital gains and losses). Irs gov 2012 tax forms It does not include income passed through to shareholders of S corporations. Irs gov 2012 tax forms Guaranteed payments to limited partners are net earnings from self-employment if they are paid for services to or for the partnership. Irs gov 2012 tax forms Distributions of other income or loss to limited partners are not net earnings from self-employment. Irs gov 2012 tax forms   For SIMPLE plans, net earnings from self-employment is the amount on line 4 of Short Schedule SE or line 6 of Long Schedule SE (Form 1040), Self-Employment Tax, before subtracting any contributions made to the SIMPLE plan for yourself. Irs gov 2012 tax forms Qualified plan. Irs gov 2012 tax forms   A qualified plan is a retirement plan that offers a tax-favored way to save for retirement. Irs gov 2012 tax forms You can deduct contributions made to the plan for your employees. Irs gov 2012 tax forms Earnings on these contributions are generally tax free until distributed at retirement. Irs gov 2012 tax forms Profit-sharing, money purchase, and defined benefit plans are qualified plans. Irs gov 2012 tax forms A 401(k) plan is also a qualified plan. Irs gov 2012 tax forms Participant. Irs gov 2012 tax forms   A participant is an eligible employee who is covered by your retirement plan. Irs gov 2012 tax forms See the discussions of the different types of plans for the definition of an employee eligible to participate in each type of plan. Irs gov 2012 tax forms Partner. Irs gov 2012 tax forms   A partner is an individual who shares ownership of an unincorporated trade or business with one or more persons. Irs gov 2012 tax forms For retirement plans, a partner is treated as an employee of the partnership. Irs gov 2012 tax forms Self-employed individual. Irs gov 2012 tax forms   An individual in business for himself or herself, and whose business is not incorporated, is self-employed. Irs gov 2012 tax forms Sole proprietors and partners are self-employed. Irs gov 2012 tax forms Self-employment can include part-time work. Irs gov 2012 tax forms   Not everyone who has net earnings from self-employment for social security tax purposes is self-employed for qualified plan purposes. Irs gov 2012 tax forms See Common-law employee and Net earnings from self-employment , earlier. Irs gov 2012 tax forms   In addition, certain fishermen may be considered self-employed for setting up a qualified plan. Irs gov 2012 tax forms See Publication 595, Capital Construction Fund for Commercial Fishermen, for the special rules used to determine whether fishermen are self-employed. Irs gov 2012 tax forms Sole proprietor. Irs gov 2012 tax forms   A sole proprietor is an individual who owns an unincorporated business by himself or herself, including a single member limited liability company that is treated as a disregarded entity for tax purposes. Irs gov 2012 tax forms For retirement plans, a sole proprietor is treated as both an employer and an employee. 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