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State Income Tax Form 500ez

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State Income Tax Form 500ez

State income tax form 500ez Publication 529 - Additional Material Prev  Up  Next   Home   More Online Publications
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The State Income Tax Form 500ez

State income tax form 500ez 5. State income tax form 500ez   Table and Worksheets for the Self-Employed Table of Contents Community property laws. State income tax form 500ez 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. State income tax form 500ez First, use either the rate table or rate worksheet to find your reduced contribution rate. State income tax form 500ez Then complete the deduction worksheet to figure your deduction for contributions. State income tax form 500ez 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. State income tax form 500ez A SEP plan is treated as a profit-sharing plan. State income tax form 500ez However, do not use this worksheet for SARSEPs. State income tax form 500ez Rate table for self-employed. State income tax form 500ez   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. State income tax form 500ez Otherwise, use the rate worksheet provided below. State income tax form 500ez   First, find your plan contribution rate (the contribution rate stated in your plan) in Column A of the table. State income tax form 500ez Then read across to the rate under Column B. State income tax form 500ez Enter the rate from Column B in step 4 of the Deduction Worksheet for Self-Employed on this page. State income tax form 500ez    Example. State income tax form 500ez You are a sole proprietor with no employees. State income tax form 500ez If your plan's contribution rate is 10% of a participant's compensation, your rate is 0. State income tax form 500ez 090909. State income tax form 500ez Enter this rate in step 4 of the Deduction Worksheet for Self-Employed on this page. State income tax form 500ez 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)*. State income tax form 500ez For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. State income tax form 500ez       *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. State income tax form 500ez       **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. State income tax form 500ez     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27             Step 3           Net earnings from self-employment. State income tax form 500ez 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. State income tax form 500ez         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. State income tax form 500ez       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. State income tax form 500ez 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. State income tax form 500ez         • Otherwise, skip steps 16 through 18 and go to step 19. State income tax form 500ez       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. State income tax form 500ez 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. State income tax form 500ez     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17. State income tax form 500ez     Step 21           Subtract step 20 from step 19. State income tax form 500ez This is your maximum deductible contribution. State income tax form 500ez                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. State income tax form 500ez   Rate worksheet for self-employed. State income tax form 500ez   If your plan's contribution rate is not a whole percentage (for example, 10½%), you cannot use the Rate Table for Self-Employed. State income tax form 500ez Use the following worksheet instead. State income tax form 500ez Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. State income tax form 500ez 105)   2) Rate in line 1 plus 1 (for example, 0. State income tax form 500ez 105 + 1 = 1. State income tax form 500ez 105)   3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. State income tax form 500ez 105 ÷ 1. State income tax form 500ez 105 = 0. State income tax form 500ez 095)   Figuring your deduction. State income tax form 500ez   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. State income tax form 500ez Community property laws. State income tax form 500ez   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. State income tax form 500ez Enter on step 1 the total net profit you actually earned. State income tax form 500ez 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 . State income tax form 500ez 009901 2 . State income tax form 500ez 019608 3 . State income tax form 500ez 029126 4 . State income tax form 500ez 038462 5 . State income tax form 500ez 047619 6 . State income tax form 500ez 056604 7 . State income tax form 500ez 065421 8 . State income tax form 500ez 074074 9 . State income tax form 500ez 082569 10 . State income tax form 500ez 090909 11 . State income tax form 500ez 099099 12 . State income tax form 500ez 107143 13 . State income tax form 500ez 115044 14 . State income tax form 500ez 122807 15 . State income tax form 500ez 130435 16 . State income tax form 500ez 137931 17 . State income tax form 500ez 145299 18 . State income tax form 500ez 152542 19 . State income tax form 500ez 159664 20 . State income tax form 500ez 166667 21 . State income tax form 500ez 173554 22 . State income tax form 500ez 180328 23 . State income tax form 500ez 186992 24 . State income tax form 500ez 193548 25* . State income tax form 500ez 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. State income tax form 500ez Example. State income tax form 500ez You are a sole proprietor with no employees. State income tax form 500ez The terms of your plan provide that you contribute 8½% (. State income tax form 500ez 085) of your compensation to your plan. State income tax form 500ez Your net profit from line 31, Schedule C (Form 1040) is $200,000. State income tax form 500ez You have no elective deferrals or catch-up contributions. State income tax form 500ez Your self-employment tax deduction on line 27 of Form 1040 is $9,728. State income tax form 500ez See the filled-in portions of both Schedule SE (Form 1040), Self-Employment Income, and Form 1040, later. State income tax form 500ez You figure your self-employed rate and maximum deduction for employer contributions you made for yourself as follows. State income tax form 500ez 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)*. State income tax form 500ez For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. State income tax form 500ez $200,000     *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. State income tax form 500ez       **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. State income tax form 500ez     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27 9,728           Step 3           Net earnings from self-employment. State income tax form 500ez 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. State income tax form 500ez 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. State income tax form 500ez         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. State income tax form 500ez       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. State income tax form 500ez 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. State income tax form 500ez         • Otherwise, skip steps 16 through 18 and go to step 19. State income tax form 500ez       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. State income tax form 500ez 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. State income tax form 500ez     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17     Step 21           Subtract step 20 from step 19. State income tax form 500ez 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. State income tax form 500ez   See the filled-in Deduction Worksheet for Self-Employed on this page. State income tax form 500ez Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. State income tax form 500ez 105) 0. State income tax form 500ez 085 2) Rate in line 1 plus 1 (for example, 0. State income tax form 500ez 105 + 1 = 1. State income tax form 500ez 105) 1. State income tax form 500ez 085 3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. State income tax form 500ez 105 ÷ 1. State income tax form 500ez 105 = 0. State income tax form 500ez 095) 0. State income tax form 500ez 078 This image is too large to be displayed in the current screen. State income tax form 500ez Please click the link to view the image. State income tax form 500ez Portion of Form 1040 and Portion of Schedule SE Prev  Up  Next   Home   More Online Publications