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BFormb TM-V TriMet Self-Employment Tax - The Tax Team LLC

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The document provides instructions for using the TriMet Self-Employment Tax Payment Voucher (Form TM-V) for submitting tax payments related to original returns, extensions, amended returns, and prepayments. It outlines the necessary information required for accurate processing, including tax year, SSN or BIN/FEIN for partnerships, and payment details. Additionally, it clarifies that this voucher does not serve as an extension to file and provides mailing instructions to the Oregon Department of Revenue.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Who has to pay TriMet tax in Oregon?

Who must file and pay? All employers, including nonresident employers, who are paying wages earned in the TriMet districts must register and file with the Oregon Department of Revenue.

Why is 30% tax for self-employed?

That 30% rule of thumb comes from the fact that self-employment income is taxed at an additional 15.3% to make sure that self-employed people still pay Medicare and Social Security tax.

Do I pay self-employment tax on LLC?

The term sole proprietor also includes the member of a single member LLC thats disregarded for federal income tax purposes and a member of a qualified joint venture. You usually must pay self-employment tax if you had net earnings from self-employment of $400 or more.

What is the TriMet self-employment tax?

Effective January 1, 2025, the tax rate increased to 0.8237% of the wages paid by an employer and the net earnings from self-employment for services performed within the TriMet District boundary. Employers should apply the new rate with their reporting related to wages for the first quarter of 2025.

What is the Oregon Form or TM?

The 2022 Form OR-TM is essential for reporting self-employment taxes in Oregon. This form helps taxpayers determine their self-employment earnings and transit district tax obligations.

How much tax do I have to pay if self-employed?

Small-business owners, contractors, freelancers, gig workers, and others who make more than a $400 profit must pay self-employment tax. Self-employed workers are taxed at 15.3% of their net profit. This percentage is a combination of Social Security (12.4%) and Medicare (2.9%) taxes, also known as FICA taxes.

What is the 20% self-employment deduction?

The qualified business income (QBI) deduction generally lets qualified self-employed people write off up to 20% of the combined total of their businesss income, gains, deductions, and losses. (Its sometimes called the Section 199A deduction, after the tax code section authorizing the tax break.)

What is the self-employment tax?

Self-employment tax is a tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves. It is similar to the Social Security and Medicare taxes withheld from the pay of most wage earners. Employers calculate Social Security and Medicare taxes for most wage earners.

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