The 1040 is the standard form to fill out for personal income taxes.
The 1040-EZ is for people with no children (dependents).
The 1040-ES is used to calculate the estimated tax for individuals with income not already subject to withholdings, such as income from business profits for a self-employed person.
1040-ES Instructions for 2014 Summary
- Maximum amount of earned income (wages and net earnings from self-employment) subject to the social security tax is $117,000.
- The rate for business use of your vehicle is 56 cents per mile.
- Payments; 4/15/2014, 6/16/2014, 9/15/14, 1/15/15. You don't have to make 1/15/15 payment if you file by 2/215 and pay balance. If you file on 4/15/15 then any balance due should be paid at that time.
Monday, October 12, 2015
Monday, August 24, 2015
How can a small business deduct donations?
How Small Businesses Can Get Tax Deductions for Charitable Giving, SBA
- about 75 percent of small business owners donate some portion of their profits — about 6 percent on average — to charitable organizations each year.
- about 75 percent of small business owners donate some portion of their profits — about 6 percent on average — to charitable organizations each year.
- by following these general guidelines and consulting your accountant or tax attorney, your small business should be set to get credit.
- Identify an eligible charity, usually a 501(c)(3), using this IRS search tool
- Make an eligible donation: cash, volunteered services, sponsorship of a charity event or the donation of inventory or services
- Understand that each category has its own limitations (for example, you can’t deduct the value of your volunteered service, but you can deduct expenses incurred such as supplies) — links to all the related forms and limitation information are available from the IRS (see also: IRS Publication 526)
Tuesday, January 13, 2015
2014 W2 Instructions
How to Fill out W2 Box 4
Box 4—Social security tax withheld. Show the total employee social security tax (not your share) withheld, including social security tax on tips. For 2014, the amount should not exceed $7,254 ($117,000 × 6.2%). Include only taxes withheld (or paid by you for the employee) for 2014 wages and tips. If you paid your employee's share, see Employee's social security and Medicare taxes (or
railroad retirement taxes, if applicable) paid by employer.
Source: 2014 IRS W2 Instructions
Box 4: Social Security tax withheld. Box 4 reports the total amount of Social Security taxes withheld from your paychecks. Normally, the Social Security tax2 is a flat tax rate of 6.2% on your wage income, up to a maximum wage base of $113,700 (for 2013). Wages above the Social Security wage base are not subject to the Social Security tax. Accordingly, the maximum figure shown in Box 4 should be $7049.40 ($113,700 maximum wage base times 6.2%).
Source: About.com
Box 4 = Box 1 * 6.2%
Box 6 = Box 1 * 1.45%
Box 4—Social security tax withheld. Show the total employee social security tax (not your share) withheld, including social security tax on tips. For 2014, the amount should not exceed $7,254 ($117,000 × 6.2%). Include only taxes withheld (or paid by you for the employee) for 2014 wages and tips. If you paid your employee's share, see Employee's social security and Medicare taxes (or
railroad retirement taxes, if applicable) paid by employer.
Source: 2014 IRS W2 Instructions
Box 4: Social Security tax withheld. Box 4 reports the total amount of Social Security taxes withheld from your paychecks. Normally, the Social Security tax2 is a flat tax rate of 6.2% on your wage income, up to a maximum wage base of $113,700 (for 2013). Wages above the Social Security wage base are not subject to the Social Security tax. Accordingly, the maximum figure shown in Box 4 should be $7049.40 ($113,700 maximum wage base times 6.2%).
Source: About.com
Box 4 = Box 1 * 6.2%
Box 6 = Box 1 * 1.45%
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