Get Form or TM V, TriMet Self Employment Tax Payment

Taxes that provide operating revenue for TriMet are administered and collected by the Oregon Department of Revenue. Effective January 1, 2023, the tax rate increased to 0.8037% of the wages paid by an employer and the net earnings from self-employment for services performed within the TriMet District boundary.

Generally, the amount subject to self-employment tax is 92.35% of your net earnings from self-employment. You calculate net earnings by subtracting ordinary and necessary trade or business expenses from the gross income you derived from your trade or business.

More In Forms and Instructions Use Schedule SE (Form 1040) to figure the tax due on net earnings from self-employment. About Schedule SE (Form 1040), Self-Employment Tax - IRS irs.gov https://.irs.gov › forms-pubs › about-schedule-se-fo... irs.gov https://.irs.gov › forms-pubs › about-schedule-se-fo...

Your transit tax is reported quarterly using the Oregon Quarterly Tax Report (Form OQ). Make your payment using the payment coupon, Form OR-OTC-V, or through the department's electronic fund transfer (EFT). For EFT information, call 503-945-8100 option four then option one. TriMet Transit Payroll Tax : Businesses - Oregon.gov oregon.gov https://.oregon.gov › programs › businesses › pages oregon.gov https://.oregon.gov › programs › businesses › pages

If you did not receive a 1099 form from your employer, you are still required to report your income on your tax return. You can do this by using Form 1040 Schedule C. This form is for self-employment income and expenses. You will need to provide your Social Security number and the EIN of your business if you have one.

At its most basic, here is how to file self-employment taxes step-by-step. Calculate your income and expenses. That is a list of the money you've made, less the amount you've spent. ... Determine if you have a net profit or loss. Fill out an information return. ... Fill out a 1040 and other self-employment tax forms.

The self-employment tax rate — a combination of Social Security and Medicare taxes — is 15.3% for 2023 and 2024. You'll use Schedule C to calculate net earnings and Schedule SE to calculate how much tax you owe. You can deduct 50% of your self-employment tax on your income taxes. Self-Employment Tax: What It Is, How to Calculate It - NerdWallet nerdwallet.com https://.nerdwallet.com › article › taxes › self-emplo... nerdwallet.com https://.nerdwallet.com › article › taxes › self-emplo...

The TriMet district serves portions of the counties of Multnomah, Washington, and Clackamas; it extends from Troutdale to Forest Grove east to west, and from Sauvie Island to Oregon City and Estacada north to south.

Form 1040 — The annual federal tax return reports all income, including self-employment income.

The Statewide Transit Tax is calculated based on the employee's wages as defined in ORS 316.162. Employees who aren't subject to regular income tax withholding due to high exemptions, wages below the threshold for income tax withholding, or other factors are subject to Statewide Transit Tax withholding.

You must pay self-employment tax and file Schedule SE (Form 1040 or 1040-SR) if either of the following applies. Your net earnings from self-employment (excluding church employee income) were $400 or more. You had church employee income of $108.28 or more.

The self-employment tax rate is 15.3%, with 12.4% for Social Security and 2.9% for Medicare. However, the Social Security portion may only apply to a part of your business income.