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Tax Calculator 2012

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Tax Calculator 2012

Tax calculator 2012 Publication 517 - Introductory Material Table of Contents What's New Reminders IntroductionOrdering forms and publications. Tax calculator 2012 Tax questions. Tax calculator 2012 Useful Items - You may want to see: What's New SE tax rate. Tax calculator 2012  For 2013 and 2014, the Old Age, Survivors, and Disability Insurance (OASDI) portion of the SE tax is 12. Tax calculator 2012 4%. Tax calculator 2012 The Medicare (HI) portion of the SE tax remains 2. Tax calculator 2012 9%. Tax calculator 2012 As a result, the SE tax rate returns to 15. Tax calculator 2012 3%. Tax calculator 2012 For more information, see the Instructions for Schedule SE (Form 1040). Tax calculator 2012 Earnings subject to social security. Tax calculator 2012  For 2013, the maximum wages and self-employment income subject to social security tax increases from $110,100 to $113,700. Tax calculator 2012 For 2014, the maximum wages and self-employment income subject to social security tax is $117,000. Tax calculator 2012 Additional Medicare Tax. Tax calculator 2012  Beginning in 2013, a 0. Tax calculator 2012 9% Additional Medicare Tax applies to Medicare wages, railroad retirement (RRTA) compensation, and self-employment income that are more than: $125,000 if married filing separately, $250,000 if married filing jointly, or $200,000 for any other filing status. Tax calculator 2012 For more information, see Form 8959, Additional Medicare Tax, and its separate instructions. Tax calculator 2012 Modified AGI limit for traditional IRA contributions increased. Tax calculator 2012  For 2013, you may be able to take an IRA deduction if you were covered by a retirement plan at work and your modified AGI is: Less than $115,000 if married filing jointly or qualifying widow(er), Less than $69,000 if single or head of household, or Less than $10,000 if married filing separately. Tax calculator 2012 If you file a joint return and either you or your spouse was not covered by a retirement plan at work, you may be able to take an IRA deduction if your modified AGI is less than $188,000. Tax calculator 2012 Modified AGI limit for Roth IRA contributions increased. Tax calculator 2012  For 2013, you may be able to contribute to your Roth IRA if your modified AGI is: Less than $188,000 if married filing jointly or qualifying widow(er), Less than $127,000 if single, head of household, or married filing separately and you did not live with your spouse at any time during the year, or Less than $10,000 if married filing separately and you lived with your spouse at any time during the year. Tax calculator 2012 Earned income credit (EIC). Tax calculator 2012  For 2013, the maximum amount of income you can earn and still claim the EIC has increased. Tax calculator 2012 You may be able to take the EIC if you earned less than $46,227 ($51,567 for married filing jointly) and you have three or more qualifying children; $43,038 ($48,378 for married filing jointly) and you have two qualifying children; $37,870 ($43,210 for married filing jointly) and you have one qualifying child; and $14,340 ($19,680 for married filing jointly) and you do not have any qualifying children. Tax calculator 2012 Reminders Future developments. Tax calculator 2012 . Tax calculator 2012   For the latest information about developments related to Publication 517, such as legislation enacted after it was published, go to www. Tax calculator 2012 irs. Tax calculator 2012 gov/pub517. Tax calculator 2012 Photographs of missing children. Tax calculator 2012  The Internal Revenue Service is a proud partner with the National Center for Missing & Exploited Children. Tax calculator 2012 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Tax calculator 2012 You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Tax calculator 2012 Introduction Three federal taxes are paid on wages and self-employment income—income tax, social security tax, and Medicare tax. Tax calculator 2012 Social security and Medicare taxes are collected under one of two systems. Tax calculator 2012 Under the Self-Employment Contributions Act (SECA), the self-employed person pays all the taxes. Tax calculator 2012 Under the Federal Insurance Contributions Act (FICA), the employee and the employer each pay half of the social security and Medicare taxes. Tax calculator 2012 No earnings are subject to both systems. Tax calculator 2012 Table 1. Tax calculator 2012 Are Your Ministerial Earnings* Covered Under FICA or SECA? Find the class to which you belong in the left column and read across the table to find if you are covered under FICA or SECA. Tax calculator 2012 Do not rely on this table alone. Tax calculator 2012 Also read the discussion for the class in the following pages. Tax calculator 2012 Class Covered under FICA? Covered under SECA? Minister NO. Tax calculator 2012 Your ministerial earnings are exempt. Tax calculator 2012 YES, if you do not have an approved exemption from the IRS. Tax calculator 2012   NO, if you have an approved exemption. Tax calculator 2012 Member of a religious order who has not taken a vow of poverty NO. Tax calculator 2012 Your ministerial earnings are exempt. Tax calculator 2012 YES, if you do not have an approved exemption from the IRS. Tax calculator 2012   NO, if you have an approved exemption. Tax calculator 2012 Member of a religious order who has taken a vow of poverty YES, if: Your order elected FICA coverage for its members, or You worked outside the order and the work was not required by, or done on behalf of, the order. Tax calculator 2012   NO, if neither of the above applies. Tax calculator 2012 NO. Tax calculator 2012 Your ministerial earnings are exempt. Tax calculator 2012 Christian Science practitioner or reader NO. Tax calculator 2012 Your ministerial earnings are exempt. Tax calculator 2012 YES, if you do not have an approved exemption from the IRS. Tax calculator 2012   NO, if you have an approved exemption. Tax calculator 2012 Religious worker (church employee) YES, if your employer did not elect to exclude you. Tax calculator 2012    NO, if your employer elected to exclude you. Tax calculator 2012 YES, if your employer elected to exclude you from FICA. Tax calculator 2012   NO, if you are covered under FICA. Tax calculator 2012 Member of a recognized religious sect YES, if you are an employee and do not have an approved exemption from the IRS. Tax calculator 2012    NO, if you have an approved exemption. Tax calculator 2012 YES, if you are self-employed and do not have an approved exemption from the IRS. Tax calculator 2012   NO, if you have an approved exemption. Tax calculator 2012 * Ministerial earnings are the self-employment earnings that result from ministerial services, defined and discussed later. Tax calculator 2012 In addition, all wages and self-employment income that are subject to Medicare tax are subject to a 0. Tax calculator 2012 9% Additional Medicare Tax if they are paid in excess of the applicable threshold for an individual's filing status. Tax calculator 2012 Additional Medicare Tax applies to Medicare wages, railroad retirement (RRTA) compensation, and self-employment income that are more than: $125,000 if married filing separately, $250,000 if married filing jointly, or $200,000 for any other filing status. Tax calculator 2012 Medicare wages and self-employment income are combined to determine if income exceeds the threshold. Tax calculator 2012 A self-employment loss is not considered for purposes of this tax. Tax calculator 2012 RRTA compensation is separately compared to the threshold. Tax calculator 2012 There is no employer match for Additional Medicare Tax. Tax calculator 2012 For more information, see Form 8959, Additional Medicare Tax, and its separate instructions. Tax calculator 2012 This publication contains information for the following classes of taxpayers. Tax calculator 2012 Ministers. Tax calculator 2012 Members of a religious order. Tax calculator 2012 Christian Science practitioners and readers. Tax calculator 2012 Religious workers (church employees). Tax calculator 2012 Members of a recognized religious sect. Tax calculator 2012 Note. Tax calculator 2012 Unless otherwise noted, in this publication references to members of the clergy include ministers, members of a religious order (but not members of a recognized religious sect), and Christian Science practitioners and readers. Tax calculator 2012 This publication covers the following topics about the collection of social security and Medicare taxes from members of the clergy, religious workers, and members of a recognized religious sect. Tax calculator 2012 Which earnings are taxed under FICA and which under SECA. Tax calculator 2012 See Table 1 above. Tax calculator 2012 How a member of the clergy can apply for an exemption from self-employment tax. Tax calculator 2012 How a member of a recognized religious sect can apply for an exemption from both self-employment tax and FICA taxes. Tax calculator 2012 How a member of the clergy or religious worker figures net earnings from self-employment. Tax calculator 2012 This publication also covers certain income tax rules of interest to ministers and members of a religious order. Tax calculator 2012 A Comprehensive Example shows filled-in forms for a minister who has income taxed under SECA, other income taxed under FICA, and income tax reporting of items specific to a minister. Tax calculator 2012 In the back of Publication 517 is a set of worksheets that you can use to figure the amount of your taxable ministerial income and allowable deductions. Tax calculator 2012 You will find these worksheets right after the Comprehensive Example . Tax calculator 2012 Note. Tax calculator 2012 In this publication, the term “church” is generally used in its generic sense and not in reference to any particular religion. Tax calculator 2012 Comments and suggestions. Tax calculator 2012   We welcome your comments about this publication and your suggestions for future editions. Tax calculator 2012   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Tax calculator 2012 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Tax calculator 2012 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Tax calculator 2012   You can send your comments from www. Tax calculator 2012 irs. Tax calculator 2012 gov/formspubs/. Tax calculator 2012 Click on “More Information” and then on “Give us feedback”. Tax calculator 2012   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Tax calculator 2012 Ordering forms and publications. Tax calculator 2012   Visit www. Tax calculator 2012 irs. Tax calculator 2012 gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Tax calculator 2012 Internal Revenue Service 1201 N. Tax calculator 2012 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Tax calculator 2012   If you have a tax question, check the information available on IRS. Tax calculator 2012 gov or call 1-800-829-1040. Tax calculator 2012 We cannot answer tax questions sent to either of the above addresses. Tax calculator 2012 Useful Items - You may want to see: Publication 54 Tax Guide for U. Tax calculator 2012 S. Tax calculator 2012 Citizens and Resident Aliens Abroad 525 Taxable and Nontaxable Income 529 Miscellaneous Deductions 535 Business Expenses 590 Individual Retirement Arrangements (IRAs) 596 Earned Income Credit (EIC) Form (and Instructions) SS-8 Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding SS-16 Certificate of Election of Coverage Under the Federal Insurance Contributions Act Schedule C (Form 1040) Profit or Loss From Business (Sole Proprietorship) Schedule C-EZ (Form 1040) Net Profit From Business (Sole Proprietorship) Schedule SE (Form 1040) Self-Employment Tax 1040-ES Estimated Tax for Individuals 1040X Amended U. Tax calculator 2012 S. Tax calculator 2012 Individual Income Tax Return 4029 Application for Exemption From Social Security and Medicare Taxes and Waiver of Benefits 4361 Application for Exemption From Self-Employment Tax for Use by Ministers, Members of Religious Orders and Christian Science Practitioners 8274 Certification by Churches and Qualified Church-Controlled Organizations Electing Exemption From Employer Social Security and Medicare Taxes 8959 Additional Medicare Tax Ordering publications and forms. Tax calculator 2012   See How To Get Tax Help , near the end of this publication, for information about getting these publications and forms. Tax calculator 2012 Prev  Up  Next   Home   More Online Publications
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The Tax Calculator 2012

Tax calculator 2012 11. Tax calculator 2012   Employer-Provided Educational Assistance Table of Contents Introduction Working condition fringe benefit. Tax calculator 2012 Introduction If you receive educational assistance benefits from your employer under an educational assistance program, you can exclude up to $5,250 of those benefits each year. Tax calculator 2012 This means your employer should not include those benefits with your wages, tips, and other compensation shown in box 1 of your Form W-2. Tax calculator 2012 This also means that you do not have to include the benefits on your income tax return. Tax calculator 2012 You cannot use any of the tax-free education expenses paid for by your employer as the basis for any other deduction or credit, including the American opportunity credit and lifetime learning credit. Tax calculator 2012 Educational assistance program. Tax calculator 2012   To qualify as an educational assistance program, the plan must be written and must meet certain other requirements. Tax calculator 2012 Your employer can tell you whether there is a qualified program where you work. Tax calculator 2012 Educational assistance benefits. Tax calculator 2012   Tax-free educational assistance benefits include payments for tuition, fees and similar expenses, books, supplies, and equipment. Tax calculator 2012 Education generally includes any form of instruction or training that improves or develops your capabilities. Tax calculator 2012 The payments do not have to be for work-related courses or courses that are part of a degree program. Tax calculator 2012   Educational assistance benefits do not include payments for the following items. Tax calculator 2012 Meals, lodging, or transportation. Tax calculator 2012 Tools or supplies (other than textbooks) that you can keep after completing the course of instruction. Tax calculator 2012 Courses involving sports, games, or hobbies unless they: Have a reasonable relationship to the business of your employer, or Are required as part of a degree program. Tax calculator 2012 Benefits over $5,250. Tax calculator 2012   If your employer pays more than $5,250 in educational assistance benefits for you during the year, you must generally pay tax on the amount over $5,250. Tax calculator 2012 Your employer should include in your wages (Form W-2, box 1) the amount that you must include in income. Tax calculator 2012 Working condition fringe benefit. Tax calculator 2012    However, if the benefits over $5,250 also qualify as a working condition fringe benefit, your employer does not have to include them in your wages. Tax calculator 2012 A working condition fringe benefit is a benefit which, had you paid for it, you could deduct as an employee business expense. Tax calculator 2012 For more information on working condition fringe benefits, see Working Condition Benefits in chapter 2 of Publication 15-B, Employer's Tax Guide to Fringe Benefits. Tax calculator 2012 Prev  Up  Next   Home   More Online Publications