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How to use or fill out 2017 Form OR-TM, Tri-County Metropolitan Transportation District Self-Employment Tax, 150-555-001 with our platform
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Click ‘Get Form’ to open it in the editor.
Begin by entering your personal information in the name and address section. Include your first name, last name, business address, and Social Security number (SSN).
Indicate whether you filed Form OR-TM for 2016 by checking 'Yes' or 'No'. If applicable, check if an extension has been filed.
Fill in your self-employment earnings from federal Schedule SE on line 1. Ensure that you only include earnings from businesses operating within the TriMet District.
Calculate your net self-employment earnings by multiplying the apportionment percentage from Schedule OR-TSE-AP (line 2) with your self-employment earnings (line 1). Enter this amount on line 3.
Deduct any exclusions up to $400 on line 4 and calculate the net earnings subject to tax on line 5 by subtracting line 4 from line 3.
Compute your tax due by multiplying the amount on line 5 by the tax rate of 0.007437 and enter it on line 6.
If you have made prepayments, enter that amount on line 7. Calculate any penalties or interest for late payments on lines 9 and 10 as necessary.
Sign and date your return before submitting it through our platform or mailing it to the Oregon Department of Revenue.
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Generally, employers are required to file Forms 941 quarterly. However, some small employers (those whose annual liability for Social Security, Medicare, and withheld federal income taxes is $1,000 or less for the year) may file Form 944 annually instead of Forms 941.
What is the self-employment transit tax in Oregon?
Oregon Transit Tax In addition to state income tax, Oregon imposes a statewide transit tax. This tax is 0.1% of wages and net earnings from self-employment. Its used to fund public transportation projects across the state. Ensure you account for this tax when calculating your state tax obligations.
What is the self-employment tax form?
In order to report your Social Security and Medicare taxes, you must file Schedule SE (Form 1040 or 1040-SR ), Self-Employment Tax PDF. Use the income or loss calculated on Schedule C to calculate the amount of Social Security and Medicare taxes you should have paid during the year.
How do I set up self-employment taxes?
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 youve made, less the amount youve 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.
How do you pay for self-employed?
How to pay self-employed tax online or telephone banking. CHAPS. at your bank or building society (with a paying-in slip from HMRC) by debit or corporate credit card. BACS. Direct Debit. by cheque through the post.
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If you pay someone to file your federal and state taxes, they can also file your TriMet tax return electronically. How to Pay? Make payments on-line at Oregon.gov/dor or send a paper check or money order to: Oregon Department of Revenue, PO Box 14950, Salem OR 97309-0950.
How much should I pay in taxes if I am 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.
How to pay TriMet self-employment tax?
Mailed payments: Make your check, money order, or cashiers check pay- able to the Oregon Department of Revenue. Write Form OR-TM-V, the filer name, the filer Social Security number (SSN) or federal employer identification number (FEIN), the tax year beginning and ending dates, and a daytime phone on your payment.
Related links
2017 Form OR-TM, Tri-County Metropolitan Transportation
2017 Form OR-TM. Tri-County Metropolitan Transportation District. Self-Employment Tax. Submit original formdo not submit photocopy. Page 1 of 1, 150-555-001 (
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