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Form CT-2 (Rev January 2004) Employee Representative's Quarterly Railroad Tax Return - irs

Form CT-2 (Rev January 2004) Employee Representative's Quarterly Railroad Tax Return - irs-2025

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The document is Form CT-2, a tax return used by employee representatives to report railroad retirement taxes imposed on their compensation. It outlines the tax rates for Tier I and Tier II taxes, the filing requirements, deadlines, and instructions for calculating the taxes owed. The form must be filed quarterly, even if no taxable compensation is received, and includes provisions for credits and penalties related to late payments.

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How much of my railroad retirement is taxable?

If the sum of a recipients adjusted gross income, tax-exempt interest, and half of either Social Security benefits or Social Security-equivalent Tier I Railroad Retirement benefits exceeds $25,000 for single taxpayers or $32,000 for couples who file jointly, up to 50 percent of the benefits are taxable.

What is form CT2?

Form CT2 - Application by a society for incorporation as a charitable trust board (for manual applications)

What is the difference between railroad retirement Tier 1 and Tier 2?

The RRA has two components. Tier 1 is the equivalent of Social Security benefits and Tier 2 is like an employers pension plan. Social Security Benefits: Payments made under Title II of the Social Security Act. They include old- age, survivors, and disability benefits.

What is the Tier 1 railroad retirement tax?

Tier I is the railroad retirement equivalent of social security wages and benefit amounts. Employees and employers pay taxes based on the employees earnings.

Where do I report Tier 1 railroad benefits?

Enter the amount from Box 5, Net Social Security Equivalent Benefit portion of Tier 1 Paid in the current tax year, on the Taxpayers or Spouses Social Security Benefits line. To report the GREEN portion of Railroad Retirement, go to: Federal Section. Income (Select My Forms)

What is the RRTA compensation tax?

RRTA imposes a tax on all employers and employees with respect to a percentage of compensation that employers pay to employees in exchange for services. 3201, 3211. Employees who pay tax under RRTA are ultimately eligible for railroad retirement benefits under the Railroad Retirement Act (RRA).

Are Tier 1 railroad retirement benefits taxable?

The SSEB portion of tier I (the part of a railroad retirement annuity equivalent to a social security benefit based on comparable earnings) is treated for Federal income tax purposes the same way as a social security benefit.

What is Box 14 railroad tax?

Form W-2 Box 14 Railroad employers use this box to report railroad retirement (RRTA) compensation, Tier 1 tax, Tier 2 tax, Medicare tax, and Additional Medicare Tax. Include tips reported by the employee to the employer in railroad retirement (RRTA) compensation.

Form CT-2 (Rev January 2004) Employee Representative's Quarterly Railroad Tax Return - irs-2025

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